It was true when he wrote it in 1948, and it’s still true today:

“To the professional short-turn trader who can spend all his time at the exchange, it is, of course, permissible and expected that he will try to secure frequent fragmentary profits in an effort to compound them into larger funds, but this is not investment. Few are the ones who can afford to become ‘professionals’ and, in the final wind-up of a financial campaign, the outright investor following [a] plan will far exceed the results achieved by the less patient in-and-out trader.”

I last wrote about TASR in January, pointing out its textbook test of top. Price has finally dropped through the bottom part of the “change of trend” zone, which means that’s all she wrote, hasta la vista, baby.

The sad thing is that instead of paying 30 cents or $3 a share, most folks paid between $15 and $30 for TASR and have had their heads handed to them. As David Byrne once sang: Same As It Ever Was.

TASR, Weekly Chart