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The Money Game by Adam Smith

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14. WHY ARE THE LITTLE PEOPLE ALWAYS WRONG?

If all the numbers, accounting variations, computer systems, and infinite possibilities are beginning to bewilder you, there is one indicator that professionals still use that is simple. That is to find out what the average investor, or the little investor, is doing. Then you do just the opposite. The sophisticates never feel comfortable unless they can be reassured that relatively uninformed investors are going the other way with some conviction. It all has to do with Accumulation and Distribution. When the sophisticates are Accumulating, they have to be Accumulating from someone, and when they are Distributing, somebody has to be there to buy.

There is nothing really new about this. A Successful Operator, ...

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