Lately I've been thinking about some passages from the thinly disguised biography of Jesse Livermore, Reminiscences of a Stock Operator by Edwin Lefèvre. He wrote, "There's a lot of early bulls in a bull market." I've been an early bull in a bull market for precious metals going back to the early 2000s. Many people exit along the way but Livermore's idea was that investors have to stick with it for the entire cycle.