That’s a neologism I’ve recently become acquainted with. Traders in the stock, options and futures markets use it to refer to those who violate their own trading and money-management rules and either enter or hold a losing position on no "basis" but that of hope.

"…or, you could just take the hopeium and see what happens."

When I heard of the pacifist rescue story today and read Billy’s blog on the subject, amongst other thoughts, I was just trying to figure on what most fundamental basis these people operate. And that’s what I thought of.

Billy — Ok, I get it; the distinction.

And, speaking of trading–to answer the emails–I’m busy at a conference in Sacramento at the moment but my March Report Card will be up in a few days.