Josh Brown has an interesting observation up on his tumbler page about what investors understand intellectually, but don’t accept in reality.
- Anyone can outperform at any time, no one can outperform all the time.
- Persistence of performance is nearly non-existent.
- Taxes and commissions matter.
- Smart doesn’t equal good.
- Incentives matter.
- The crowd is always at its most wrong at the worst possible time.
- Fear is significantly more powerful than greed.
- There is no pleasure without the potential for pain.
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