From What I Learned Losing a Million Dollars by Jim Paul and Brendan Moynihan: Most people acknowledge that losses will happen regardless of the type of business venture.  A light bulb manufacturer knows that two out of three hundred bulbs will break.  A fruit dealer knows that two out of one hundred apples will rot.  Losses per se don’t bother them; unexpected losses and losing on balance does.  Acknowledging that losses are part of business is one thing; taking and accepting those losses in the markets is something else entirely.  In the markets people tend to have difficulty actively ...