By examining the ratio of odd-lot purchases (the number of shares these amateurs bought during a particular day) to odd-lot sales (the number of shares they sold) and by looking at what particular stocks odd-lotters buy and sell, one can supposedly make money. These uninformed amateurs, presumably acting solely out of emotion and not with professional insight, are lambs in the street being led to slaughter. They are, according to legend, invariably wrong. It turns out that the odd-lotter isn’t such a stupendous dodo after all. A little stupid? Maybe. There is some indication that the
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