Mr. Partridge ("Old Turkey")
A veteran speculator who appears in reminiscences-of-a-stock-operator as the embodiment of sitting-tight. His nickname "Old Turkey" comes from his habit of puffing out his chest like a turkey whenever asked about his positions.
Partridge's trading philosophy in its entirety: when other traders told him about a dip he should sell into, or a reaction he should trade, he would always answer warmly: "You know, it's a bull market." He never told you exactly what he was doing, but he also never exited a correct position for anything short of a trend change.
His operating principle: losing a correct position is a bigger cost than riding any short-term fluctuation. If you are right about the trend, the only job is to stay in it until the trend ends. In and out trading — selling into dips, trying to rebuy lower — requires two correct decisions instead of one, and the cost of being wrong on either is losing the position.
Livermore says the most money he ever lost came not from bad trades but from being shaken out of good ones. Partridge understood this and refused to be shaken.