macro

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Excerpt: Thank you to Penny Daily for including us in its Carnival of Investing Strategies #5. What makes a successful long-term investor? Is it an exceptional understanding of the market? Is it a Blackberry full of Wall Street contacts that tip you on every insiders’ move? Is it a PhD in quantum-physics or mathematics? No. Because if that was the case, then most investment funds with their well-paid, well-educated, and well-connected managers would not be walking around with their portfolios 50% lighter. So what is it about the market that suckers in so many people? How is it that…