I tell you it was remarkable. What happened was this: I looked ahead
and saw a big pile of dollars. Out of it stuck a sign. It had “Help
yourself,” on it, in huge letters. Beside it stood a cart with
“Lawrence Livingston Trucking Corporation” painted on its side. I had
a brand-new shovel in my hand. There was not another soul in sight,
so I had no competition in the gold-shoveling, which is one beauty of
seeing the dollar-heap ahead of others. The people who might have seen
it if they had stopped to look were just then looking at baseball games
instead, or motoring or buying houses to be paid for with the very
dollars that I saw. That was the first time that I had seen big money
ahead, and I naturally started toward it on the run. Before I could
reach the dollar-pile my wind went back on me and I fell to the ground.
The pile of dollars was still there, but I had lost the shovel, and the
wagon was gone. So much for sprinting too soon! I was too eager to
prove to myself that I had seen real dollars and not a mirage. I saw,
and knew that I saw. Thinking about the reward for my excellent sight
kept me from considering the distance to the dollar-heap. I _should
have walked and not sprinted._
That is what happened. I didn’t wait to determine whether or not the
time was right for plunging on the bear side. On the one occasion when
I should have invoked the aid of my tape-reading I didn’t do it. That
is how I came to learn that even _when one is properly bearish at the
very beginning of a bear market it is well not to begin selling in bulk
until there is no danger of the engine back-firing_.
I had traded in a good many thousands of shares at Harding’s office in
all those years, and, moreover, the firm had confidence in me and our
relations were of the pleasantest. I think they felt that I was bound
to be right again very shortly and they knew that with my habit of
pushing my luck all I needed was a start and I’d more than recover what
I had lost. They had made a great deal of money out of my trading and
they would make more. So there was no trouble about my being able to
trade there again as long as my credit stood high.
The succession of spankings I had received made me less aggressively
cocksure; perhaps I should say less careless, for of course I knew
I was just so much nearer to the smash. All I could do was wait
watchfully, as I should have done before plunging. It wasn’t a case of
locking the stable after the horse was stolen. I simply had to be sure,
the next time I tried. _If a man didn’t make mistakes he’d own the
world in a month. But if he didn’t profit by his mistakes he wouldn’t
own a blessed thing._
Public-domain text, read in full here on John Shaqi.
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