By Burton G. Malkiel
Okay, so i am not performed with the e-book but, yet i am already irked that i learn the 1st a hundred pages while it may possibly simply were condensed into twenty or thirty pages. Soo boring... Get to the beef already!
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Extra info for A random walk down Wall Street: including a life-cycle guide to personal investing
Barber and Terrance Odean report: Moreover, people have unrealistically positive self-evaluations. Most individuals see themselves as better than the average person and better than others see them. They rate their abilities and their prospects as higher than their peers…In addition, people overestimate their contributions to past positive outcomes; they recall information related to their successes more easily than information related to their failures. Fischhoff wrote that they even misremember their own predictions so as to exaggerate in hindsight what they knew in foresight.
That period includes the worst bear market in a generation. By contrast, the mutual fund—one of the nations oldest, having started in 1950—lost a cumulative 19 percent over the same period. ” In other words, the managers of the fund ignore their own data, thinking they can improve on the quantitative selection process! The article goes on to point out that another closedend fund, called the First Trust Value Line Fund, does adhere to the Value Line Survey advice, and has performed much better and more consistently with the underlying research.
And the same thing that drove Internet prices up—lack of liquidity married to irrational investors—will drive them down, only more quickly. ) Since I joined Bear Stearns, I’ve used historical data to put the bear market of 2000–2002 in perspective, and I have called for a return to equity investing. Yet the point of these commentary excerpts is not self aggrandizement. Any investor with access to long-term data who also understands that markets are ultimately rational will be able to make similar forecasts.