“So where does the No Free Lunch principle leave us? One thing seems obvious. Developing an edge over other investors cannot simply be a matter of reading some books, getting a good education, or having a high IQ. An edge cannot arise from mastery of statistical and analytical skills you can learn from books or in business school courses. The reason is simple: Lots of people do this, and what lots of people do won’t make you an above-average investor.”
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