The Bare Essentials of Investing Teaching the Horse to Talk

We all know that no one has ever taught a horse to talk. It is very unlikely that anyone will ever do so. But, see the story told in Chapter 1. The author of this book believes that it is equally unlikely that someone will write a book that describes an investment strategy that will consistently beat the returns offered by investing in a diversified market portfolio. This does not mean that some investors will not win (beat the market). Given the large number of investors, this is very likely. What is unlikely is that the investors’ strategies can be written up and be effectively replicated.