By Burton G. Malkiel
Okay, so i am not performed with the publication but, yet i am already irked that i learn the 1st a hundred pages while it might probably simply were condensed into twenty or thirty pages. Soo boring... Get to the beef already!
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Additional resources for A random walk down Wall Street: including a life-cycle guide to personal investing
History never repeats exactly, but the same types of events continue to occur. Investors who had taken to heart this essential message in the last speculative bubble were those least hurt in the aftermath. ANECDOTAL EVIDENCE IS NOT ENOUGH Investment advice bombards us from many directions, with little to support it but anecdote. Many times, a manager will give a handful of stocks as examples, demonstrating how well they went on to perform. Unfortunately, these managers conveniently ignore the many other stocks that also possessed the preferred characteristics but failed.
The only way for long-term investors to really suffer during these times is to turn a temporary loss into a permanent one by reacting emotionally and selling. I believe an emotional response to selling panics robs most of us of the perspective that is required for successful investing. This said, I also believe that many people right now are trying to be good investors, attempting to ignore the market’s gyrations and stay focused on why they’re investing in the market in the first place—usually to ensure that when they retire they’ll have enough money to support themselves.
Smith gets true feedback. If he’s correct, his light flashes Right, if he’s wrong, it flashes Wrong. Because he’s getting true feedback, The Unreliable Experts: Getting in the Way of Outstanding Performance 21 Smith soon gets around 80 percent correct, because it’s a matter of simple discrimination. Jones’ situation is entirely different. He doesn’t get true feedback based on his guesses. Rather, the feedback he gets is based on Smith’s guesses! It doesn’t matter if he’s right or wrong about a particular slide; he’s told he’s right if Smith guessed right and wrong if Smith guessed wrong.
A random walk down Wall Street: including a life-cycle guide to personal investing by Burton G. Malkiel