Also from my email outbox ...
"As far as active investment goes, I always put it this way - are you
prepared to put as much time and effort into managing your investments
as you would into running a small business? If you are then go for it
- playing the market is not a bad hobby, about as interesting as
birdwatching or something. And most people on this list actually do
have enough intelligence to beat the market and therefore to beat most
active-managed funds, in my opinion. The trouble is of course that beating the market
doesn't just require intelligence, it requires self-discipline, hard work and the ability to control
your emotions. But in many ways so does success in bird-watching."
Bird-watching really doesn't require much in the way of hard work or discipline, provided you can afford a home on a major migration route with nice clear views of the surrounding countryside.
ReplyDeleteEven then, you spot pretty much all the migratory species which pass your house in the first year, and from then on in you are in pretty much the same state as your fellow twitchers.
ReplyDeleteOn the other hand, most forms of investment don't require sitting in cowshit.
ReplyDeleteInvestment also requires forensic awareness of your weaknesses. On the plus side, it is one of the few hobbies that makes you money.
ReplyDeleteI'm not convinced that investment requires that much time at a personal level. In some ways limiting when and how much time you spend on it is probably a good thing - prevents over-management.
You're right, of course, birdwatching is even easier if you can afford a new home on a new migratory route every year.
ReplyDeleteAnd then of course there are those who can purchase many such homes, or inherit them, or who happen to have lots of social ties to others so situated, or all of the above...
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ReplyDelete"Be Alert, be Knowledgeable With Online Consumer Forum Needs