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Scratch Golfers

I once read from Nick Murray that scratch golfers don’t necessarily hit the largest number of great shots, but that they actually just hit the fewest number of terrible shots.

To that end, in the stock market lost days can hurt you more than successful days help you. Let’s do some simple math. If you have $100 with a 50% gain, that would result in $150. But the problem about losses is that you only need a 33% loss to be back at square one with $100. In other words, avoiding a 33% loss can be just as valuable as achieving a 50% gain.