By Burton G. Malkiel
Okay, so i am not performed with the booklet but, yet i am already irked that i learn the 1st a hundred pages whilst 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
Time passes and you see: What was I thinking! It’s so obvious that I was wrong, why didn’t I see it? The mistake becomes obvious when you see the situation historically, drained of emotion and feeling. When the mistake was made, you had to contend with emotion. ” This isn’t a phenomenon reserved for the unsophisticated. Pension sponsors have access to the best research and talent that money can buy, yet are notorious for investing heavily in stocks just as bear markets begin and for firing managers at the absolute bottom of their cycle.
The small-cap Russell is down more than 7% as of December 24, 1998. And even that figure masks the true shellacking the average small stock has endured—25% of the stocks in the Russell are down more than 50% from their highs this year! 07% between January 1, 1998 and November 30, 1998…It’s been a long and lonely draught for small stocks. 5 million more if he simply held small stocks rather than the S&P 500) there are some long periods where the patience of Job is required. Luckily, I believe we’re near the end of big-cap growth’s out-sized performance and a renaissance for value and small-cap strategies.
It’s difficult to blame people. Base rates are boring; experience is vivid and fun. The only way anyone will pay 100 times a company’s earnings for a stock is if it has got a tremendous story. Never mind that stocks with high PE ratios beat the market just 35 percent of the time over the last 52 years—the story is so compelling, you’re happy to throw the base rates out the window. THE INDIVIDUAL VERSUS THE GROUP Human nature makes it virtually impossible to forgo the specific information of an individual case in favor of the results of a great number of cases.
A random walk down Wall Street: including a life-cycle guide to personal investing by Burton G. Malkiel