The principle of “managed” investment trusts is absolutely sound, granted only one premise. The premise is that there are somewhere people of such experience and insight that they can predict with some sort of accuracy the future behavior of securities.
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As a science, I should say that chart reading shares a pedestal with astrology; but most chart readers have far too much education and mental discipline to consider astrology seriously.
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There has always been a considerable number of pathetic dopes who busy themselves examining the last thousand numbers which have appeared on a roulette wheel, in search of such a repeating pattern. Sadly enough, they have usually found it.
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People would rather believe that they have been robbed than that they have been fools on the advice of fools.
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Most financial principles and theories have a degree of good sense to them. It may be a large degree, but it never comes close to being absolute.
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People do not care for the idea that any important activity which affects them is as beyond their control as a pair of dancing dice.
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It becomes more and more evident that stock prices are not alone determined by high or low credit, earnings or carloadings. There is another mighty factor which cannot be charted along with the various business indices. It is how high or how low are the hearts of men and women during the given period.
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It is very hard to think against the crowd, especially when the crowd is practically universal and unanimous in thought and emotion.
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