The Best Manager Is the One Who Beats Them All the Time

The market is a big arena where optimists and pessimists engage in a tug of war. The investors i respect feel the markets often wrong, either under pricing or over pricing securities. Trillions of dollars were lost after 19 98, 99 because the mass of investors hadn't sufficiently questioned the valuations of tex stocks. Everyone had a great year in two thousand three, and they seem to think it's going to continue.