1. There are tens of thousands of professional money managers. Statistically, a handful of them have been successful by pure chance. Which ones? I don’t know, but I bet a few are famous.
2. On that note, some investors who we call “legendary” have barely, if at all, beaten an index fund over their careers. On Wall Street, big wealth isn’t indicative of big returns.
3. During recessions, elections, and Federal Reserve policy meetings, people become unshakably certain about things they know nothing about.
4. The more comfortable an investment feels, the more likely you are to be slaughtered.
5. Time-saving tip: Instead of trading penny stocks, just light your money on fire. Same for leveraged ETFs.
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