Title: Why Do We Believe Things? | Winton
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Content: there is a dialectic between market values and the reality they are attempting to reflect. Following the pack is not the route to long-term success. Patient research gives top investors the confidence to believe in their own understanding of the world and bet against the crowds, whose opinions derive merely from copying each other. As Warren Buffett sardonically remarked: “ Failing conventionally is the route to go; as a group, lemmings may have a rotten image, but no individual lemming has ever received bad press.” None of the world’s top investors is a believer in efficient market theory. In my career, I have studied the lives and techniques of the world’s best investors, as well as closely observing global events and the day-to-day impact they have on markets. I have tried to build an organisation to develop rules, strategies and trading methods into a disciplined investment system that can go most of the way to managing a long-term investment portfolio, over many years, automatically. Considering the high cost of employing the professional individuals who offer this sort of service, our machine should be of significant value.