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Excessive Trading

Excessive Trading

After lunch, the teacher stood in front of the chalkboard. She held a piece of chalk in one hand and a thin black whip in the other. She looked dangerous, but for once she didn't have a cigarette dangling from her lips.

"Anything labeled excessive probably isn't a good idea, but there's always at least one bonehead out there who thinks he can game the system. Excessive trading, or churning, as it's affectionately known, is excessive trading for economic gain, such as increased...

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