(Bloomberg View) -- Great bull markets are the easiest timefor money managers, right? Actually, not for most professionals,who are generally most comfortable looking for -- and finding --value in times of stress.

In reality, the current environment poses a big psychologicalquandary. It seems like all you need to do to be successful is justbuy any stock, because it will inevitably go up. Buy high nowand sell higher later.

The truth is, smart investors don’t trade to maximize expectedvalue; they trade to minimize regret.

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