91. In a bear market, it is always wise to cover if complete demoralization suddenly develops.
92. The principles of successful commodity speculation is based on the supposition that people will continue in the future to make the mistakes that they have made in the past.
93. In a bull market and particularly in booms, the public at first makes money, which it later looses simply by overstaying the bull market.
94. A bull market needs to be fed every day ， a bear market only once a week.
95. Never underestimatehow much time is necessary to wash out a market that is long.
96. Never buy the first rally and never sell the first break.
97. Be advised that it is better to be more interested in the market’s reaction to new information than in the piece of news itself.
98. Don’t diversify ， concentrate on a few commodities. More diversity reduces amount you can speculate with. Also too much to watch.
99. Don’t pioneer highs or lows. Let the market tell you a high or low has been made.
100. Keep some perspective. Trees don’t grow to the sky. Values don’t go to zero. What are histories and recent highs and lows， Loan levels， Loans are not necessarily price floors. CCC selling prices aren’t necessarily price ceilings.
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