David: > That is why, when you pick an investment, time horizon is so important, > as is the acceptance that it is impossible to beat the market as a whole > over time except through random luck.
Mine was not random luck by any standard measure of luck. According to the measures of luck, I was flipping an unfair coin where the tails had a much higher probability than the heads or the other way around, but I knew what side had a much higher probability. It was like card counting in Black Jack according to those measures and I should have been kicked out of the casino, had I been caught. > You should be proud of your success, but your success, for the time period > selected, does not tell us anything meaningful about what an average investor > should do at any given time. Well! It tells you at least this: neoclassical finance theory is wrong. According to that theory, I should not have been able to do what I did!.. Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
