The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage . The intelligent individual investor has the full freedom to choose whether or not to follow the market . You have the luxury of being able to think for yourself .
The typical money manager , however , has no choice but to mimic the market's every move - buying high , selling low , marching almost mindlessly in his erratic footsteps . There is no reason you can't do as well as the pros . What you cannot do is to " beat the pros at their own game." The pros can't even win their own game ! Why should you want to play it at all ??? If you follow their rules , you will lose - since you will end up as much a slave to the market as the professionals are .
Instead recognize that investing intelligently is about controlling the controllable . You can't control whether the stocks or funds you buy will outperform the market today , next week , this month , or this year ; in the short run , your returns will always be hostage to the market and his whims .
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