Harvesting Noise; Or: So, You Think You’re A Long Term Investor?

Most individuals would be ratherboffended if they were characterized as “speculators” rather than “investors”. Even though the world’s financial systems need speculators to function efficiently and enable price discovery, I doubt whether you, Dear Reader, would wish to be told that you were, in fact, speculating rather than investing. So, consider this. The world’s most well-known and respected investor, Warren Buffett,...