Advocating Democracy Has, By Other People, Often

Investors Operate With Limited Funds And Intelligence, They Do Not Need To Know Everything. As Long As They Understand Something Better Than Others, They Have An Edge.

My Original Intention Was To Spend The Money In My Lifetime.

Taking This View, It Is Possible To See Financial Markets As A Laboratory For Testing Hypotheses, Albeit Not Strictly Scientific Ones. The Truth Is, Successful Investing Is A Kind Of Alchemy.

Making An Investment Decision Is Like Formulating A Scientific Hypothesis And Submitting It To A Practical Test. The Main Difference Is That The Hypothesis That Underlies An Investment Decision Is Intended To Make Money And Not To Establish A Universally Valid Generalization.

In Certain Circumstances, Financial Markets Can Affect The So-called Fundamentals Which They Are Supposed To Reflect. When That Happens, Markets Enter Into A State Of Dynamic Disequilibrium And Behave Quite Differently From What Would Be Considered Normal By The Theory Of Efficient Markets. Such Boom/bust Sequences Do Not Arise Very Often, But When They Do, They Can Be Very Disruptive, Exactly Because They Affect The Fundamentals Of The Economy.