I learnt first hand yesterday how true it is that we feel a loss much more acutely than a gain.

I sold out of JAN for a 68% loss, after holding patiently for 3 years, and felt really bad about it. Yet it was only a speculative and hence relatively small holding in my RL portfolio. On the same day my WTC holding gained more than double the dollar value that I lost on JAN, thanks to its excellent results announcement.

The fact that paper gains are ephemeral is perhaps the main reason why I feel the realised loss that much more acutely. After all the market panic of only 2 weeks ago has shown us how quickly things can change.

Still, it looks like the CDA result today is prompting the same market reaction as the WTC results yesterday. This is my longest held company (11 years). Maybe I am a genius after all.