Investment clubs serve many useful functions: They encourage savings. They educate their members about financial markets. They foster friendships and social ties. They entertain. Unfortunately, their investments do not beat the market.
Brad Barber and Terrance Odean in Too Many Cooks Spoil the Profits: The Performance of Investment ClubsWhenever you think you've found the key to the market, some SOB changes the lock.
G.M. Loeb (as quoted by Louis Rukeyser on Wall $treet Week - 2/5/99)
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