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Consistent speculators approach the business of market speculation, just like a building company, who price bids according to their expectation of success, factoring in lost bids because they don’t expect to be awarded every bid they make. Before the 5% engage with the enemy, they have studied the lay of the land, and know the expected cost. Like the building company, the 5% know without reasonably accurate expectations, they have little chance of remaining in business.