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Simple But Not Easy: An Autobiographical and Biased Book About Investing by Richard Oldfield

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Chapter 11 – Keep your distance

Amateurs are nervous about their ignorance, and about their distance from the action. They tend to think distance is a disadvantage. On the contrary, while it would be overstating it to say that ignorance is bliss, too much knowledge can lead to over-confidence and information overload; and being too close to the action can lead to over-emotional decisions and hyper-activity. Distance is good. That is one reason that those amateurs interested in investing themselves, as well as choosing others to manage their portfolios, can do so.

Distance is not the same as ignorance or laziness. Professional investment managers have to spend a great deal of time thinking about investment, reading and learning. But they also ...

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