"Success in investing can't happen to those who march to the beat of some-one else's drum."
The above I agree with. It is why earning a quid on the market is far more difficult than it may seem.
In a very simple sense. There is not unlimited cash sloshing around equity markets. The pie is roughly finite (ignoring earnings growth and switching of asset classes). Therefore, if a number of investors (Institutional, large and small) earn magnificent returns (well above inflation adjusted earnings growth) over a defined period then there must be a close to equal number than suffer losses to balance the 'ledger'.
There has to be counter ideas to make the market work. Otherwise volatility would be incredible. Masses ploughing in with whatever cash they can muster form assets pushing up share prices rapidly then everyone trying to sell at the same time when all decide it is expensive pushing share prices over a cliff.
There has to be diverse opinions about value for the market to work.
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