A very wise man, a polymath who was offered multiple posts in a variety of departments at Columbia, he left active investment after achieving a modicum of wealth by modern standards. Like Jack Bogle he believed you should leave the game when you have "enough."
I completely agree with Graham: you need to have conviction, and yes, forecasts are a waste of time. But they make money for the industry because they sell 'peace of mind' and a 'less uncertain future.'
Graham's warning feels remarkably current: markets can move far beyond what fundamentals justify because psychology changes faster than business economics.
A very wise man, a polymath who was offered multiple posts in a variety of departments at Columbia, he left active investment after achieving a modicum of wealth by modern standards. Like Jack Bogle he believed you should leave the game when you have "enough."
I completely agree with Graham: you need to have conviction, and yes, forecasts are a waste of time. But they make money for the industry because they sell 'peace of mind' and a 'less uncertain future.'
Graham's warning feels remarkably current: markets can move far beyond what fundamentals justify because psychology changes faster than business economics.