“Catching the Swings” on a Marginal Basis Impracticable. From theordinary speculative standpoint, involving purchases on margin and shortsales, this method of operation must be set down as impracticable. Theoutright owner can afford to buy too soon and to sell too soon. In fact hemust expect to do both and to see the market decline farther after he buysand advance farther after he sells out. But the margin trader is necessarilyconcerned with immediate results; he swims with the tide, hoping to gagethe exact moment when the tide will turn and to reverse his stroke themoment before. In this he rarely succeeds, so that his typical experience istemporary success ending in complete disaster. It is the essential characterof the speculator that he buys because he thinks stocks are going up not