Tuesday, May 10, 2016

People think they can explain failure of a stock but not the weakness of a hand of cards

“There is one vital difference between gambling and investing. You cannot logically explain why, for example, a given set of cards turned out in a game of poker, but you can work backwards and explain why a stock had to fall. And I think here there is a trap is for unwitting investors. Because the past can be analysed and explained, we think the future can be too.
By Trutheludes on Betting and investment both require skill and luck
FT reader