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Conclusion

Beating the market is neither easy nor painless. In financial markets, human beings, with all their frailties, collect and process information and make their best judgments on what assets are worth. Not surprisingly, they make mistakes, and even those who believe that markets are efficient will concede this reality. The open question, though, is whether you can take advantage of these mistakes and do better than the average investor. You can, but only if you do your homework, assess the weaknesses of your investment strategies, and attempt to protect yourself against them. If you have a short time horizon, you will also need luck as an ally.


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