CHAPTER2

THE WINNER’S GAME

EVERYONE LIKES TO SUCCEED IN INVESTING. MILLIONS OF PEOPLE depend on investment success to assure their security in retirement, to provide for their children’s education, or to enjoy better lives. Schools, hospitals, museums, and colleges depend on successful investing to fulfill their important missions. When investment professionals help investors achieve their realistic long-term objectives, investment management is a noble profession.

The accumulating evidence, however, compels the recognition that most investors are suffering serious shortfalls. The largest part of the problem is that investors make mistakes. But they are not alone. Investment professionals need to recognize that much of the real fault lies not ...

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