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Benjamin Graham on Market Timing
» Posted by Martin Weil on February 14, 2005
The investor can scarcely take seriously the innumerable predictions which appear almost daily and are his for the asking. Yet in many cases he pays attention to them and even acts upon them. Why? "Because he has been persuaded that it is important for him to form some opinion of the future course of the stock market... If you, the reader, expect to get rich over the years by following some system or leadership in market forecasting, you must be expecting to try to do what countless others are aiming at, and to be able to do it better than your numerous competitors in the market. There is no basis either in logic or in experience for assuming that any typical or average investor can anticipate market movements more successfully than the general public, of which he himself is a part." Benjamin Graham, The Intelligent Investor
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