By Burton G. Malkiel
Okay, so i am not performed with the ebook but, yet i am already irked that i learn the 1st a hundred pages while it may possibly 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
The reverse is also true. Someone who should be denied might be extended coverage because the agent’s gut feeling was this individual is different, despite what actuarial tests say. The company would lose millions in additional payouts. The same thing happens when we think in terms of individual stocks, rather than strategies. A case-by-case approach wreaks havoc with returns, because it virtually guarantees that we will base many of our choices on emotions. This is a highly unreliable, unsystematic way to buy stocks, yet it’s the most natural and the most common.
HUMAN JUDGMENT IS LIMITED David Faust writes in his revolutionary book, The Limits of Scientific Reasoning, that: “Human judgment is far more limited than we think. ” Studying a wide range of professionals, from medical doctors making diagnoses to experts making predictions of job success in academic or military training, Faust found that human judges were consistently outperformed by simple actuarial models. Like traditional money managers, most professionals cannot beat the passive implementation of time-tested formulas.
This is a highly unreliable, unsystematic way to buy stocks, yet it’s the most natural and the most common. In the seven years since the initial publication of this book, I have given hundreds of presentations about its findings. I always note people nodding their heads when I tell them that low price-to-sales stocks do vastly better than stocks with high price-to-sales. They agree because this is a simple fact that makes intuitive sense to them. But when I give them some of the actual names of the stocks that fit this profile, their demeanor visibly changes.