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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (123662)	8/30/2002 12:29:41 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 152472

His call on Wcom, now thats another story-g- well, that's my broader point: people get lucky once or twice and all of a sudden they think they're a genius. they try to apply their luck system hither and thither...pretty soon it breaks down. in the aggregate, all the luck systems of all the speculators naturally have an aggregate return of zero, and actually lower than zero due to transaction costs. there are countless examples of people throughout investing history who did well with one call or in one, three, five years. but their system--their positive alpha--ends up leaving them. alpha always absconds. so the intelligent approach to investing is to not be fooled by the bullshi+ of others, or inside one's own mind, which says that they can beat the system. to not be fooled by randomness. to win the loser's game. and so on. in my opinion!