Saturday, November 07, 2020

From Jenna Orkin

Deep-sea mining is making the seabed the hottest real estate on Earth

Bill Bonner: One of our favorite studies of investor behavior came from the Fidelity Mutual Funds group. The company wondered which of its customers had made the most money. They separated them by age, sex, and account size.
But what they discovered was that the best performers had none of those things in common. Instead, the distinctive feature common to the best performers was that they all lacked, shall we say, “animal spirits.”
That is, they were all dead. But their accounts had not yet been closed – and often remained open for decades.
Resting among the shades, they were never tempted by TV. No brokers called them with hot tips. No gossip reached them.

No comments: