For who will buy when the general public, at a given signal, rushes to sell out at a profit?

We lack space here to discuss in detail the pros and cons of market forecasting. A great deal of brain power goes into this field, and undoubtedly some people can make money by being good stock-market analysts. But it is absurd to think that the general public can ever make money out of market forecasts. For who will buy when the general public, at a given signal, rushes to sell out at a profit? If you, the reader, expect to get rich over the years by following some system or leadership in market forecasting, you must be expecting to try to do what countless others are aiming at, and to be able to do it better than your numerous competitors in the market. There is no basis either in logic or in experience for assuming that any typical or average investor can anticipate market movements more successfully than the general public, of which he is himself a part.
―The Intelligent Investor, Chapter 8

この直前にマーケット予報をする人間のいうことなんか聞いちゃ駄目だぜー、という記述がある。当たり前のことなんだけど、株取引は売りと買いがいて初めて成立する。男と女、プラスとマイナス。どちらか一方じゃどうしようもないわな。他人に頼るな、自分だけが頼りなのだ。そしてマーケットの予想なんてものはできないのだ。そう思うと投資信託にも頼むことはできないなぁ。


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