...But if there are no legitimate public winning strategies, if instead it's a fair market and everyone has the same opportunity for success, how can some people become multimillionaires while others lose their money? That can't be because of chance, can it?
Well, as a matter of fact, yes, investment success can and does result from pure chance, and stories of investment success are much more likely to result from chance than genius.
Because everyone is trying to outwit everyone else in unpredictable ways, the stock market is much more a random process than a moral drama with predictable winners and losers. But even though the market doesn't (and cannot) reward investment ingenuity, it does pay attention to chance factors.
Read the full article here:
http://arachnoid.com/randomness/index.html#Investment_Genius
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