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Quotes of the Week

November 30, 1998

For the typical retail investor, day trading isn't investing, it's gambling. If you want to gamble, go to Las Vegas; the food is better.
Philip A. Feigin in "Day Trading" Craze Should Give Investors Pause from NASAA (11/25/98)

People think of trading as playing tennis against a wall . . . They can position themselves perfectly, and they can return the ball just right. But when they trade, it is real tennis that they are playing against very skilled players, including professional players.
Meir Statman in Trading Too Often May Dissolve Profits $$ from The Wall Street Journal (11/24/98)

Five-star funds don't become six-star funds, because there is no sixth star! The big mistake investors make is always going for the fund that is at the top of the top-ten list. I like my funds to be there just as much as anyone else does. But I don't think they're necessarily going to last there. All the studies show that most of the funds at the top pretty soon recycle down. Most of the funds that are down usually recycle up. Another mistake is to look too often at the financial pages to see how your fund is doing. Some view investing as a hobby, which is fine for a small part of your money. But you really should have a long-term financial purpose for the rest of your investment program.
Jane Bryant Quinn in The Vanguard Group's A Solid Plan and a Long-Term View Are Keys to Successful Investment (Autumn 1998 issue of "In The Vanguard")

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