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Quotes of the Week

December 14, 1998

The legal legionnaires conscripted by the Democrats supported the argument that if it looks like a duck, quacks like a duck and walks like a duck, it isn't a duck if the duck doesn't think so . . . our chosen representatives are being inundated with advice, much of it well-intended but some of it just plain silly. Like suggesting that in making their fateful decision, they consult their conscience. That's like asking a mermaid to shake a leg.
Alan Abelson in Vote Stocks $$ from Barron's (12/14/98)

In a world where most people are overconfident, you're going to see a lot of trading. People are trading who have no business trading. They have an idea, and they act on it. But they're acting on noise. Trying to tone that down and have people make global decisions rather than a lot of small responses to noisy events is probably the counsel of wisdom.
Daniel Kahneman in A Series of Gambles RR from Dow Jones Asset Management (11-12/98)

Investing is not a win-win game. It is a win-lose game. Everyone who plays the game is in the stock market to win. They are not in the stock market to make the world a better place or to help your net worth. They are in the stock market to make as much money as they can for themselves. If you buy stock that a professional or a company insider is selling, only one of you will end up being right.
Peter Siris in Guerrilla Investing

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