Letters to Our Clients
I am surprised that I have not been granted the title of “Market Guru”. After all, on October 1st of last year I wrote “S&P 500 to gain 10.48% by year end”.
Why is it that we, as investors, buy high and sell low? Why do we, time after time, take the latest bit of news from unreliable sources and use that news to justify the exchange of one investment for another? Why do we react to our instincts, instead of the facts, when the amount of money at risk is so large? Why is successful long-term investing so hard to accomplish?
Kendall J. Anderson, CFA