Yahoo Japan has been dead money for some time now and the fact it popped, a few months ago, was the time to cash in all the chips no questions asked.

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First, tax-related sales, as investors who have been on the long side of the market for the last three years rush to cash in their chips to benefit for the low tax rates still in effect.

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Gurus, sensing their luck may be running out on this huge gainer, went to the cage to cash in their chips.

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Should an investor declare victory for 2013, cash in his chips and sit out the rest of the year with the stock proceeds hiding in the comfort of riskless T-bills?

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Mr Mayhew and his fellow partners insist that changing the firm's ownership is not a signal that Cazenove wishes to cash in its chips by selling out.

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