It has nothing to do with the commonly known psychological bias in the investing/trading world - Loss Aversion!
No! It has to do with the reality and not so much on psychology!
The Maths of it!
When we really need that cash, we can't raise enough cash from the Losers. The Losers are as they are. They CAN'T be worth relatively much more in our investment portfolio!
It is the Winners that we can raise enough cash to meet our liquidity needs!
This is commonsense. This is reality! This is fact!
Forget theory and concept! When reality hits us hard ......
