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Active Investing

BECOMING A COMPETENT INVESTOR IS A TOUGH TASK. IN THIS CHAPTER, we will focus on some of the lessons that hold for any investor trying to achieve more than mere competence and actually “beat the market”—or in more technical terms, earn abnormal returns. Generating abnormal returns is, by definition, difficult, and it stands to reason that becoming an accomplished investor or trader is an even tougher task. (Throughout the chapter we will use the terms trader and investor interchangeably to represent attempts to generate abnormal ...

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