Excess Returns – Philosophy and Psychology

by Mike Rawson · Published · Updated
by Mike Rawson · Published February 23, 2015 · Last modified October 18, 2016
by Mike Rawson · Published August 25, 2017 · Last modified June 19, 2020
by Mike Rawson · Published May 18, 2017 · Last modified June 19, 2020
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If riskier investments could be counted on to produce higher returns, they wouldn’t be riskier.
Thanks Mike, excellent overview and super-detailed. I skimmed it to be honest, but even a skim was enough to be reminded of the many reasons why market value does not equal intrinsic value.
Thanks John. Yes, I’m afraid I got carried away – I think it’s a bit too detailed. I’ll revisit when I have time and thin it down or split it into two posts.
I think I was in too much of a rush to get past the groundwork, and into the meat of how the greats beat the market.