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Quotes of the Week

August 2, 1999

Investors spend an absurd amount of time trying to control the one thing they can do the least about, which is their raw investment performance. They attempt to pick hot stocks, find star fund managers and guess the market's direction. Yet it is extraordinarily difficult, if not impossible, to do any of these things.
Jonathan Clements in Investors Have Little Control Over Portfolio's Performance $$ from the Wall Street Journal (7/27/99)

In investment banking in particular, with its sumptuous paydays and clubby relationships, the culture does not seem very well equipped to compete with the cheaper alternatives emerging online. It's true those new models are still forming. Then again, the thing that overtakes you always looks small when its still in the distance. Ask the maker of any other legacy system.
Shawn Tully in "Will the Web Eat Wall Street?" from Fortune (8/2/99)

The green--in our eyes and in other people's wallets--brings out the worst in us. I don't mean morally, I mean our worst instincts as investors . . . We think we make rational decisions. More often, we veer from hope to fear and back again, without putting our brains into gear at all.
Jane Bryant Quinn in How Green Eyes Can Jade Investor Instincts from the Washington Post (8/1/99)

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