Elmer: “Mr. Partridge, I have just sold my Climax Motors. My people say the market is entitled to a reaction and that I’ll be able to buy it back cheaper. So you’d better do likewise. That is, if you’ve still got yours.” Turkey: “Yes, Mr. Harwood, I still have it. Of course!” Elmer: “Well, now is the time to take your profit and get in again on the next dip,” said Elmer, “I have just sold every share I owned!” Turkey: “No! No! I can’t do that!” Elmer: “Didn’t I give you the tip to buy it?” Turkey: “You did, Mr. Harwood, and I am very grateful to you. Elmer: And didn’t that stock go up seven points in ten days? Didn’t it?” Turkey: “It did, and I am much obliged to you, my dear boy. But I couldn’t think of selling that stock.” Elmer: “Why not?” Turkey: “Why, this is a bull market!” (The old fellow said it as though he had given a detailed explanation.) Elmer: “I know this is a bull market as well as you do. But you’d better slip them that stock of yours and buy it back on the reaction. You might as well reduce the cost to yourself.” Turkey: “My dear boy, if I sold that stock now I’d lose my position; and then where would I be? And when you are as old as I am and you’ve been through as many booms and panics as I have, you’ll know that to lose your position is something nobody can afford; not even John D. Rockefeller. I hope the stock reacts and that you will be able to repurchase your line at a substantial concession, sir. But I myself can only trade in accordance with the experience of many years. I paid a high price for it and I don’t feel like throwing away a second tuition fee. But I am as much obliged to you as if I had the money in the bank. It’s a bull market, you know.”