CHAPTER15

PLAYING TO WIN

THE WINNER’S GAME IN INVESTING IS OPEN TO ALL INVESTORS, so every investor can be a real winner—and it’s almost easy. Almost. The first secret for success is that each investor has to ignore the “beat the market” hype that pervades the advertising that floods out of brokerage firms, actively managed mutual funds, and the investment letters from stock market gurus working in cahoots with Mr. Market.

The second secret for success is that each investor must decide for himself or herself what investment policies will, over the long term, have the best chance of producing the particular results he or she most wants to achieve. These winning investors are not in competition with one another; they are in competition only with ...

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