Investment capital is money just like any other money, Loeb pointed out. It needn’t be segregated and marked ‘hands off’. Certainly, there are all sorts of good reasons for sitting on it. It will comfort you in your old age, it’s a parachute for emergencies, it’s something to pass on to your kids, it gives you that cozy immersed feeling, and so on. All that is nice. But you might as well have a little fun with the money too. Skimming some off the top once in a while, especially at ending positions, is a better idea than it is generally credited with being.
