In investing, it’s easy to achieve performance that is equal to that of the average investor or a market benchmark. Since it’s easy to be average, real investment success must consist of outperforming other investors and the averages. Investment success is largely a relative concept, measured on the basis of relative performance. Simply being right about a coming event isn’t enough to ensure superior relative performance if everyone holds the same view and as a result everyone is equally right. Thus success doesn’t lie in being right, but rather in being more right than others. Similarly, one
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