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Excess Returns: A comparative study of the methods of the world's greatest investors by Frederik Vanhaverbeke

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CHAPTER K

THE INTELLIGENT INVESTOR

“There is a persistent overall tendency for equity to flow from the many to the few. In the long run, the majority loses. The implication for the trader is that to win you have to act like the minority. If you bring normal human habits and tendencies to trading, you’ll gravitate toward the majority and inevitably lose.”

WILLIAM ECKHARDT (SCHWAGER, 1992)

THROUGHOUT THIS BOOK it has been stressed on several occasions that investors face a number of huge challenges. Beating the market is hard because pricing in the stock markets tends to be quite efficient. To succeed one definitely needs an edge. In the previous chapters I have identified a number of soft skills that, according to top investors, are indispensable ...

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