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The Zulu Principle: Making extraordinary profits from ordinary shares by Jim Slater

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18. The Market

Even if it was possible to give you a few simple guidelines to show you how to anticipate a bear or bull market, the approach would soon be self-deflating. As more and more investors followed my successful formula, the market would gradually adjust so that at some future point in time, the formula would become unproductive.

I managed to anticipate the two bear markets of 1973-74 and 1987. In both cases my timing was good but I under-estimated the severity of the eventual decline and closed my short positions far too early. Joseph Granville, the famous American market technician, sums up well the unpredictability of markets.

‘Bear markets never visit by appointment ringing your frontdoor bell by daylight hours. They come like ...

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