BY: HITESH PARIKH
An insurance agent asked above question to the prospective client when he argued that his wife can always marry again. I do not know the reply….but the agent got the business. 
Why I am asking you?
Over last 20 years I have observed unique psychology of a normal investors and unique characteristic of market. Let me deal with the psychology first.
Psychology of Normal Investor:-
When they listen / read from an expert that market will go up, they feel happy that prices of their loss making shares will also go up!! They hold their 90% loss making shares hoping when market goes up, they will at least get back their invested capital. But does this happen? Let us look at the unique characteristic of the market.
Behavior of market in last 20 years:-
In 1992, the theme was Cost Replacement…
