Somewhere in our psyche is the dream of being able to buy at the very bottom of the cycle. Whether it is acreage or equipment, commodities or equities, maybe we've pulled it off once or twice— but it's not a regular occurrence. Soon we learn it's prudent to hold back some dry powder. That way, if the bargain we're itching to buy goes lower, there's still room to add to the position and lower its cost basis.
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