“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
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Thoughts of a Cynical Investor 