If there is one conclusion we can take away from this study on the majors and their trends, it is the winners must be those who exit too soon. This was Bernard Baruch’s famous maxim, pre decimalization — that he was willing to let the other fellow have the first eighth and the last eighth.
This is more important than ever now that we are in a world of one gigantic trade, with a small number of large players, the dollar-Euro, and a set of various managed floats and pegs around this central rate. Next month we will visit several minor currencies to see whether this lesson holds there, as well.
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