other largely mechanical means of determining the right moments to buy
and sell. The one principle that applies to nearly all these so-called
"technical approaches" is that one should buy because a stock or the
market has gone up and one should sell because it has declined. This is
the exact opposite of sound business sense everywhere else, and it is
most unlikely that it can lead to lasting success on Wall Street. In our
own stock-market experience and observation, extending over 50 years, we
have not known a single person who has consistently or lastingly made
money by thus "following the market." We do not hesitate to declare that
this approach is as fallacious as it is popular.
No comments:
Post a Comment