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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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INTRODUCTION

“The main reason why money is lost in stock speculation is not because Wall Street is dishonest, but because so many people persist in thinking that you can make money without working for it and that the stock exchange is the place where this miracle can be performed.”

BERNARD BARUCH (BARUCH, 1957)

THE STOCK MARKET is a place that fires people’s imaginations. It is widely believed to be a route to easy riches, where even a person of modest means can become a millionaire through proper stock picking. In reality, very few people know someone who has achieved this. Study after study shows that the vast majority of people who try their chances in the market don’t even manage to keep up with stock indexes, never mind beat them. Apparently, ...

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