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Excessive Trading

Excessive Trading

After lunch, the Smoking Woman 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 ciggy 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 commissio...

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