Losses

An extremely expensive lesson I learned :

-- never let banks manage your life savings, most certainly not in a defensive schedule : in difficult conditions, banks tend to create losses or totally unsatisfactory returns.

-- people hesitate to cut potential losses on their bank-managed investments because "bankers know better, they'll do whatever it takes". And when one cuts "paper" losses, they become real and one finalises them.

But banks do not know better and couldn't care less, and the longer one waits to cut one's losses, the deeper they get. And one's life savings evaporate.

I am furious at my own stupidity.