Logic Produces Gradual Change, Emotion Produces Rapid Change
Say that you were studying for a Ph.D. in history. Over a number of years, your knowledge of the subject would increase. Week by week, month by month, year by year, you would come to know more. Your knowledge level would not charge forward in sudden, explosive bursts. You would slowly but surely accumulate additional knowledge. The advances would be orderly and measured and consistent and reliable. Q1 2022 hedge fund letters, conferences and more That’s how logical, rational advances operate. That’s how stock market prices would operate if the market really were efficient, as the Buy-and-Holde...