CHAPTER EIGHT
Sorting Luck from Skill
Why Investors Excel at Buying High and Selling Low
THE BOSS BLEW HIS STACK. After the storied New York Yankees won only four of their first twelve games in 2005, George Steinbrenner, the baseball team’s owner, could not contain his frustration. “I am bitterly disappointed by the lack of performance of our team,” he seethed. “It is unbelievable to me that the highest-paid team in baseball would start the season in such a deep funk. They have the talent to win and they are not winning.” Even with 93 percent of the season to go, Joe Torre, the team’s manager, could only agree, “He’s not saying anything we certainly don’t know ourselves. When he does spend the money, he expects more than he’s obviously gotten ...
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