The Emperor Has No Clothes!

wealthymattersWhen you sell a stock,” I asked, “who buys it”? He answered with a wave in the vague direction of the window, indicating that he expected the buyer to be someone else very much like him. That was odd: what made one person buy and the other sell? What did the sellers think they knew that the buyers did not? Since then, my questions about the stock market have hardened into a larger puzzle: a major industry appears to be built largely on an illusion of skill. — Daniel Kahneman, Nobel Laureate.


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