Analytical take on the topic of investing

1. ▪ THESE PLAYBOOKS ARE INTENDED FOR LEGENDS WHO DON’T HAVE MUCH TIME + ARE INTERESTED IN LEARNING ABOUT TOPICS THAT COULD HELP THEM ACHIEVE THEIR FULL POTENTIAL
▪ WHILE IT CONTAINS A CIRCUMSIZED FORM OF THE MATERIAL RELEVANT TO THE SPECIFIC TOPIC, THE AUTHOR ENCOURAGES YOU TO DIG DEEPER & DO YOUR OWN RESEARCH
▪ WHILE POSITIONS ARE TAKEN, THESE ARE NOT INTENDED TO BE EXHAUSTIVE, DIFINITIVE OR PORTRAYED AS EXPERT OPINION. AS WITH EVERYTHING IN LIFE CONSULT OTHER OPINIONS,
CHALLENGE EVERYTHING & NOTE THAT BOCTAOE (BUT OF COURSE THERE ARE OBVIOUS EXCEPTIONS)
▪ IF YOU DON’T LOVE IT, NO NEED TO LET ME &/OR THE WORLD KNOW. AS THEY SAY, EITHER LEAD, FOLLOW OR GET OUT OF THE WAY
Investing 101
KAPOW! – 10 “killer” slides in 10 minutes
5th May 2020
INTELLECTUAL
COMFORT FOOD
OFFICIAL
1 2 3 4 5 6 7 8 9 10
10 10

2. McKinsey & Company 2

3. 3
“In 1923, seven men who had made it to the top of the financial
success pyramid met together at the Edgewater Hotel in Chicago.
Collectively, they controlled more wealth than the entire United
States Treasury, and for years the media had held them up as
examples of success.
Who were they? Charles M. Schwab, president of the world’s
largest steel company; Arthur Cutten, the greatest wheat speculator
of his day; Richard Whitney, president of the New York Stock
Exchange; Albert Fall, a member of the President’s Cabinet; Jesse
Livermore, the greatest bear on Wall Street; Leon Fraser, president
of the International Bank of Settlement; and Ivar Kreuger, the head
of the world’s largest monopoly.
What happened to them? Schwab and Cutten both died broke;
Whitney spent years of his life in Sing Sing penitentiary; Fall also
spent years in prison, but was released so he could die at home;
and the others? Livermore, Fraser, and Kreuger, committed
suicide.”
— Donald McCullogh, Waking From The American Dream
Word of caution / disclaimer - Money might not solve the
problems you want it to, it could even exacerbate them
“It’s also true. Yes, money will solve all
your money problems. But it doesn’t
get you everywhere. The first thing you
realize when you’ve made a bunch of
money is that you’re still the same
person. If you’re happy, you’re happy. If
you’re unhappy, you’re unhappy. If
you’re calm and fulfilled and peaceful,
you’re still that same person. I know
lots of very rich people who are
extremely out of shape. I know lots of
rich people who have really bad family
lives. I know lots of rich people who are
internally a mess. A calm mind, a fit
body and a house full of love must
be earned”
- Naval, Angel Philosopher
1 2 3 4 5 6 7 8 9 10
10 10

4. 4
NOT EXHAUSTIVE
Term Description
• An asset that has been purchased with the aspiration that it will generate income or appreciate in value. Investments refer to any
mechanism for generating future income e.g., real estate property, bonds, stocks.
• An object that is generally recognized as a medium of exchange - accepted as payment for goods and services (as well as
repayments of debts).
• A percentage earned on a principle amount of money invested (or lent). Compound interest refers to earning (or paying) interest on
your interest. Albert Einstein is reputed to have said: ‘Compound interest is the eighth wonder of the world. He who understands it,
earns it; he who doesn’t, pays it’. For example, if you invest $1000 at 10% compound interest, you will have $2000 in just 7 years.
• The value of all the assets owned by a person or entity. By accumulating valuable assets one can increase their wealth. While
income is a flow (measured over an interval of time), wealth is a stock (measured at one specific time).
• A type of investment that equates to an ownership share in a company. When you buy stock (equity) you are buying a small part of
a company (called a share). The S&P500 refers to a market weighted index of the 500 largest U.S. publicly traded companies.
• A general increase in prices and the fall in the purchasing value of money. Inflation can been seen as the rate at which the value of
a currency is falling. Inflation erodes the value of cash holdings.
• The expected return from an investment with the amount of risk one must undertake to earn these returns.
• A professionally actively managed portfolio of assets. Investors buy shares in mutual funds, representing part ownership. Mutual
funds typically have high fees, which erode profit. Index funds are a passive portfolio of stocks or bonds designed to mirror the
composition & performance of a financial market index. They are often low-fee, and try to mirror rather than beat the market.
• A country’s economic output per person (calculated as total GDP divided by the population #). GDP refers to the total value of
goods produced and services provided in a country during one year. While an imperfect measure, it is a rough and ready way to
understand economic performance.
• A statistic that measures the dispersion of a set of data relative to it’s mean. It is calculated as the square root of the variance. The
more spread out the data, the higher the standard deviation.
Money
Investment
Wealth
Interest (Compounding)
Inflation
Stocks (S&P500)
Mutual (Index) Funds
Return-to-risk ratio
GDP per capita (GDP)
Bonds
Standard deviation
1 2 3 4 5 6 7 8 9 10
Just in case, a glossary might be in order
• A type of investment involving lending money for interest payments. Bonds are offered by government or companies. They have a
maturity date, at which point the bond issue needs to pay back the principal to investors.
10 10

5. 5
This material was spun up from a number of solid reads
1 2 3 4 5 6 7 8 9 10
10 10
Hugh’s Killer
Idea’s (HKI) Book
Rating
Hugh’s Killer Ideas is an Amazon Associate. Book purchases resulting from Amazon links may earn an affiliate commission

6. 6
1 2 3 4 5 6 7 8 9 10
Yes, Groundhog Day! It’s that time again. Quiz time.
• According to JP Morgan between 1998 – 2018, the average investor
outperformed “the market” (the S&P500) by what percentage?
❑ A: 10% (a little more) ❑ B: -10% (a little less) ❑ C: -66% (a lot less)
1
• If you compounded $1,000 at 10% per year for 60 years, how much would
it be worth in 60 years (not factoring in inflation)?
❑ A: ~$300,000 (x300) ❑ B: ~$30,000 (x30) ❑ C: $10,000 (x10)
2
• They say ‘there are no sure things’ or ‘free lunches’ in life. When
investing your money, which of the following has the highest return-to-
risk ratio?
❑ A: Real Estate ❑ B: A diversified portfolio like
Ray Daleo’s All Weather Fund
❑ C: A S&P500
Index Fund
3
You can find the answers at the top of the next slide! 10 10

7. 7
The Angel Philosopher Naval Ravikant said: “Wealth is the thing you want. Wealth is assets that earn while you sleep”. He says wealth is something we want
because it will buy us freedom and will solve our money problems. But for many of us, investing is confusing and complicated - it is hard to know even where to
start, let alone prosper. Having personally concluded that “investing” was something I knew close to nothing about (to prove the point, there was one stage where
100% of my albeit tiny amount of savings was in BitCoin); I decided to do some digging. A good friend asked what I had learned. The below is a summary of that:
• Lesson 1 - Play the long game, and don’t wait to get started. There are generally no get rich quick schemes. Often, they are others getting rich off you,
such as the Powerball jackpot which has a 1/175 million chance of paying (you are actually more than 200x more likely to get struck by lightning). Despite
these odds, the average US family spends $1000 a year on lotteries. Furthermore, one is unlikely to earn their way into wealth, so the key is moving from a
consumer to an investor (essentially an owner). As Marx might have put it, from proletariat to bourgeois (owners of the mean of production). Thus, once you
have begun investing you can benefit from the incredible power of compound interest ($1 compounded at 10% per year for 60 years equals over $300,000) –
what Albert Einstein once called the most important invention of human history. The UPS employee – Theodore Johnson, is a great example of this – never
earning more than $14,000 a year, he set aside 20% of his paycheck, and by age 90 he had a nest egg over $90 million.
• Lesson 2 - Look to save (>20%) more of your income. In 2016 the median households savings in the USA was just ~$7,000; and the average savings rate
was close to 7%. While the great Nassim Taleb says: “The three most harmful addictions are heroin, carbohydrates, and a monthly salary”; your salary will
likely be key to generating investment capital. However, it is not just the money you have coming in but being thoughtful about the money going out, for as
Naval says: “People who are living far below their means enjoy a freedom people busy upgrading their lifestyle cannot fathom”.
• Lesson 3 - A Vanguard S&P 500 Index Fund is not a bad bet. Over the last 200 years, stocks have returned more than other asset classes on average
(6.7% vs -1.4% for cash). However, research has shown that monkey’s can pick stocks better than the average stock broker. Furthermore, Mutual Funds
often underperform the S&P 500 (97% of fund managers don’t beat the market) and with their high fees (often 30-100x that of a passive Index Fund), you can
often lose around 50-70% of your next egg. And as Warren Buffett says: “The goal of a non-professional should not be to pick winners .. But should rather
own a cross section of business that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal”. Vanguard is the largest index
fund manager in the world and according to the founder Jack Bogle offers “maximum diversification, minimal cost, and maximum tax efficiency”.
• Lesson 4 - Once you have momentum, look to diversify your investment portfolio to increase your return-to-risk ratio. They say diversification is the
only free lunch in finance. And while you might have heard the saying: ‘the higher the risk, the higher the return’; asset allocation (where you put your
investments capital and in what proportions) is critical to increasing your return-to-risk ration (the amount of money you can expect to generate at a level of
risk). Put another way, you can take a small risk and return a lot; but you give up part of the upside for downside protection. And while death and taxes are the
only sure thing in life, spreading your investment capital across a range of uncorrelated asset classes (from a commodities index, a short-term bond index, a
long-term bond index and so on) can increase your chance of increasing your wealth and smooth out the ride as you build your nest egg.
Godspeed!!
Headline: save more, earn more, increase your return-to-risk ratio
1 2 3 4 5 6 7 8 9 10
10 10
Answers to Quiz! Q1. C: -66% (a lot less). Q2. A: ~$300,000 (x300). Q3. B: A diversified portfolio.

8. 1 2 3 4 5 6 7 8 9 10
10 10
Disclaimer: Past performance does not guarantee future performance
“Consider a turkey that is fed every day. Every single feeding will firm up the bird’s belief that it is
the general rule of life to be fed every day by friendly members of the human race ‘looking out for
its best interest’ as a politician would say. On the afternoon of the Wednesday before Thanksgiving,
something unexpected will happen to the turkey. It will incur a revision of belief … Consider the
surprise of the Great War. After the Napoleonic conflicts, the world had experienced a period of
peace that would lead any observer to believe in the disappearance of severely destructive
conflicts. Yet, surprise! It turned out to be the deadliest conflict, up until then, in the history of
mankind. Note that after the event you start predicting the possibility of other outliers happening
locally, that is, in the process you were just surprised by, but not elsewhere. Mistaking a naïve
observation of the past as something definitive or representative of the future is the one and only
cause of our inability to understand the Black Swan … Those who believe in the unconditional
benefits of past experience should consider this pearl of wisdom allegedly voiced by a famous ship’s
captain: ‘But in all my experience, I have never been in any accident … of any sort worth speaking
about. I have seen but one vessel in distress in all my years at sea. I never saw a wreck and never
have been wrecked nor was I ever in any predicament that threatened to end in disaster of any sort’
– E.J. Smith, 1907, Captain, RMS Titanic. Captain Smith’s ship sank in 1912 in what became the most
talked about shipwreck in history.”
- Nassim Taleb, The Black Swan

9. To boil it down, there are four things to
focus on
Value drivers
Current
wealth
Reduce expenses
Investment
portfolio
Increase income
D
New investment
capital
Reduce working capital
Avg. investment per
asset
# of assets in portfolio
A Investment
return
C
Fees & deductions
Gross investment
returns
B Save 20% or more of your
annual income – no if’s, no but’s
do what you need to do to get to
this #
C First, invest in index funds – a
Vanguard S&P500 Index (VOO)
is probably one of your best bets
D Then, look to diversify your
investments – they say
diversification is the only free
lunch in finance, and is key to
lowering your risk profile
A Don’t wait – start today if you
haven’t yet and play a long game
B
1 2 3 4 5 6 7 8 9 10
10 10

10. 10
Felix Dennis’s (author of How to
Get Rich) Wealth Measured by
Total Assets
Millions, USD
While many of us reading this, won the lottery of life by being born
in a developed country; we are probably far from rich
GDP per person at PPP1 and share of global population, 2014
forecast
Source: International Comparison Programme; IMF; The Economist
1. Purchasing-power parity
0
50
30
60
40 80 100
60
40
20
10
0
20
Germany
Global population, % of total
Pakistan
GDP per person, $'000
Average
Mexico
Bangladesh
India
Nigeria
Indonesia
Ethiopia
Egypt
South
Africa China
Brazil
Russia
Japan
United
States
The
Truly
Rich
The
Comfortably
Wealthy
The
Comfortable
Rich
30
The
Comfortable
Poor
The
Comfortably
Off
11,198
The
Lesser
Rich
The
Rich
The
Seriously
Rich
The
Filthy
Rich
The
Super
Rich
1,998
4 10 80 150 200
400
800
A
1 2 3 4 5 6 7 8 9 10
10 10
“My wealth has come from a
combination of living in America,
some lucky genes, and compound
interest” – Warren Buffett

11. The Good News: Compound interest matters
.. a lot (and could change your family tree)
$2,594 $6,727
$17,449
$45,259
$117,391
$304,482
Year 10 Year 20 Year 60
Year 30 Year 40 Year 50
+10% p.a.
2.6
xx Multiple on $1,000
6.7 17.4 45.3 117.4 304.5
$1000 compounded at 10% per year
429 428
5,356
Jamaica USA Singapore
$3,007
$62,641 $64,582
+4% p.a.
+5% p.a. +9% p.a.
2020
1960
If you put $1000 in an index fund that compounds at ~10% per year, after
60 years this would have grown by over 300x
In 1960 Jamaica had the same GDP per
capita as Singapore; and the USA was x7
larger. Just 60 years later Singapore has a
higher GDP per capital than the USA
GDP Per Capita,
1960-2020
A
$1,864 $3,474 $6,476 $12,071 $22,500 $41,939
“All the returns in life, whether in wealth, relationships, or knowledge,
come from compound interest” - Naval
Adjusted for inflation (assumes 3.25%)
xx
1 2 3 4 5 6 7 8 9 10
10 10

12. 12
Ben Franklin, one of the Founding Fathers, understood the power of
compound interest very well
A
1 2 3 4 5 6 7 8 9 10
10 10
When Benjamin Franklin died in 1790, he left about $1,000 each to the
cities of Boston and Philadelphia. His bequests came with some
strings attached: specifically, the money was to be invested and could
not be touched for 100 years. At that point, each city could withdraw up
to $500,000 for designated public works projects. Any remaining
money in the account could not be touched for another 100 years.
Finally, 200 years after Franklin's death, a period of time that had seen
stocks grow at an average compounded rate of 8%, each city would
receive the balance – which in 1990 amounted to approximately $6.5
million. Imagine that $1,000 grows to $6.5 million, with no money
added over all those years. How did it grow? Through the power of
compounding! Yes, 200 years is a long, long time – but a 3,000% rate
of return can be worth the wait.

13. 13
And while it is never too
late to start …
Starting early (or now) will have advantages
A
… starting early (and the amount you set aside to invest) can matter a
great deal
 Sir Winston Churchill was in his
early 70’s when he rallied the
British people during WW2
 Nelson Mandela ended his stint
as President of South Africa in his
80s
 Michelangelo painted the ceiling
of the Sistine Chapel in his 70s
 Colonel Sanders never fried any
chicken commercially until he was
65
 Ray Kroc stumbled upon Dick and
Mac McDonald when he was 50.
By age 63, McDonald’s had
opened 400 restaurants
1 2 3 4 5 6 7 8 9 10
188,724
1,034,799
2,586,997
Save 8%
p.a. in cash
Save 8%
and invest
at 10% p.a.
Save 20% and
invest at 10%
+1,271%
+448%
Nest egg over a 30 year period by savings
amount on a $78,635 annual salary
Investing $1000 a year for 30 years vs.
someone that starts 10 years later and
invests $2500 a year for 20 years
30,000
50,000
166,080 160,006
Amy Mary
+67%
Total amount invested Total nest egg
10 10

14. 14
If you haven’t started saving and then investing for the future, now
is the time
“Mark Twain once described a man who died and met Saint
Peter at the Pearly Gates. Knowledge that Saint Peter was
very wise, the man asked a question that he had wondered
about throughout his life. He said, “Saint Peter, I have been
interested in military history for many years. Who was the
greatest general of all time? Saint Peter quickly responded,
“Oh that’s a simple question. It’s that man right over there.”
“You must be mistaken,” responded the man, now very
perplexed. “I knew that man on earth, and he was just a
common laborer.” “That’s right my friend,” assured Saint Peter.
“He would have been the greatest general of all time, if he had
been a general.”
The journey
of a thousand
miles
begins with
one step. And
as we know, $1
compounded at
10% for 60
years grows to
300x
A
1 2 3 4 5 6 7 8 9 10
10 10

15. 15
1 2 3 4 5 6 7 8 9 10
10 10
Even Warren Buffett, one of the world’s richest people, has
experienced the benefits of compounding
Warren Buffett Wealth by Age, USD, 1930 – today (90 years old, not out)
15 83
21 26 30 35
376M
44
1M
47 52 56 59
67M
66 72
6,000 20,000 140,000 7M 19M
90
1.4Bn
3.8Bn
58Bn
17Bn
36Bn
85Bn
>99% of Buffett’s wealth has
been earned in the last 40
years of his life. Yes, post his
50’s!

16. 16
Given the importance of owning vs. just earning, getting the
percentage of your salary that you can invest north of 20% is ideal
Amount
100%
14%
86%
8%
26%
14%
12%
10%
9%
6%
Category Percentage
 Increase revenue (get additional
source of income e.g., another
job; get a higher paying
promotion; get another job that
pays more)
 Reduce taxes (look for tax
opportunities including the
reduction of state income tax by
moving state)
 Reduce expenses (limit
discretionary items like eating out
of home [~40% of total food
expenses]; downsize housing to a
smaller, lower cost option; look to
reduce transportation costs by
looking for lower cost means of
transport (e.g,. using public
transport; reducing car payments
(e.g., buying reliable used car)
Potential options
78,635
67,241
4,968
11,394
6,017
20,091
11,185
9,761
7,923
7,296
Avg. Annual
Spending
Savings
Income after
Taxes
Other Goods &
Services
Healthcare
Taxes
Insurance &
Pensions
Transportation
Housing
Food
B
Avg. Annual Household Spending, USA
1 2 3 4 5 6 7 8 9 10
10 10
9%
14%
17% 19%
24%
5th
Quintile
(Lowest)
1st
Quintile
(Highest)
3rd
Quintile
4th
Quintile
2nd
Quintile
Median Saving Rate by Income Quintiles
Savings rates grow with income
“Only 10-15% of the money Americans spend on
goods & services is necessary for survival …
… people spend the other 85-90% of their money for
upgrades in quality.” – Dr. Thomas Power

17. “Life is about early detection of the reversal point beyond which your own belongings (say, a
house, a country house, car, or business) start owning you.”
- Nassim Taleb
“Two close boyhood friends grow up and go their separate ways. One becomes a humble monk,
the other a rich and powerful minister to the king. Years later the meet. As they catch up, the
portly minister (in his fine robes) takes pity on the thin and shabby monk. Seeking to help, he
says: ‘You know, if you could learn to cater to the king, you wouldn’t have to live on rice and
beans.’ To which the monk replies: ‘If you could learn to live on rice and beans, you wouldn’t
have to cater to the king.’ Most all of us fall somewhere between the two. As for me, it is better
to be closer to the monk.”
- JL Collins
10 10
1 2 3 4 5 6 7 8 9 10
“The world as a whole has never been richer, and it has never been more heavily in debt, living
off borrowed money. The record shows that, for society, the richer we become, the harder it
gets to live within our means. Abundance is harder for us to handle than scarcity.”
- Nassim Taleb

18. “My favorite Wikipedia entry begins: ‘Ronald James Read was an American philanthropist,
investor, janitor, and gas station attendant.’ Ronald Read was born in rural Vermont. He was the
first person in his family to graduate high school, made all the more impressive by the fact that he
hitchhiked to campus each day. For those who knew Ronald Read, there wasn’t much else worth
mentioning. His life was about as low key as they come. Read fixed cars at a gas station for 25 years
and swept floors at JCPenney for 17 years. He bought a two-bedroom house for $ 12,000 at age 38
and lived there for the rest of his life. He was widowed at age 50 and never remarried. A friend
recalled that his main hobby was chopping firewood. Read died in 2014, age 92. Which is when the
humble rural janitor made international headlines. 2,813,503 Americans died in 2014. Fewer than
4,000 of them had a net worth of over $ 8 million when they passed away. Ronald Read was one of
them. In his will the former janitor left $ 2 million to his step kids and more than $ 6 million to his
local hospital and library. Those who knew Read were baffled. Where did he get all that money? It
turned out there was no secret. There was no lottery win and no inheritance. Read saved what little
he could and invested it in blue chip stocks. Then he waited, for decades on end, as tiny savings
compounded into more than $ 8 million. That’s it. From janitor to philanthropist.”
- Morgan Housel, The Psychology of Money
Frugality could fall into what Sherlock Holmes put as: “the world
is full of obvious things which nobody ever observes”

19. 19
Tax can make a big difference (and
there are options to reduce tax)
Top state marginal individual income tax rates, 2018
Source: SmartAsset.com; Tax Foundation; state tax statutes, forms and instructions; Bloomberg BNA
RI
5.99%
CT 6.99%
NJ 8.97%
MD 5.75%
DC 8.95%
DE 6.60%
AZ
4.54%
CO
4.63%
NM
4.90%
OK
5.00%
KS
5.70%
NE
6.84%
SD
UT
5.00%
WY
OR
9.90%
NV
CA
13.30%
WA
ID
7.40%
MT
6.90%
ND
2.90%
MN
9.85%
AR
6.90%
MO
5.90%
IA
8.98%
ME
7.15%
PA1
3.07%
NY
8.82%
MI1
4.25%
WI
7.65%
IL
4.95%
IN1
3.23%
OH
4.99%
WV
6.50% VA
5.75%
KY
6.00%
TN2 3.00%
NC
5.50%
SC
7.00%
TX LA
6.00%
GA
6.00%
AL
5.00%
MS
5.00%
FL
AK
HI 11.00%
VT 8.95%
NH2 5.00%
MA1 5.10%
Top state marginal individual income tax rate
Lower Higher
Once you add in Local and State income tax, where to live can have a large
impact on your annual savings
By moving state, annual investment savings
could be increased by 50% (resulting in a
massive difference of 249x vs 166x of savings
invested over a 30 year period at 10% CAGR)
New York Florida
30%
21%
-29%
166
249
+83
New York Florida
B
1 2 3 4 5 6 7 8 9 10
10 10
“Tax efficiency is one of the most direct pathways to shorten the time it takes to get from where you are now to where you want to be financially” – Tony Robbins
NOTE: In the book “The Outsiders” about the 8
best CEOs (outperformed Jack Welch), all had a
strong focus of tax efficiency

20. 20
Gold Average
Investor
7.7%
S&P 500
2.2%
inflation
Bonds Residential
Property
5.6%
4.0%
3.4%
1.9%
Compound Annual Growth Rates by Different Asset
Classes, 1998-2018
Source: JP Morgan,
"Back in the spring of 1720, Sir Isaac Newton owned shares in the South Sea
Company, the hottest stock in England. Sensing that the market was getting out
of hand, the great physicist muttered that he 'could calculate the motions of
the heavenly bodies, but not the madness of the people.' Newton dumped
his South Sea shares, pocketing a 100% profit totaling £7,000. But just months
later, swept up in the wild enthusiasm of the market, Newton jumped back in at a
much higher price — and lost £20,000 (or more than $3 million in [2002-2003's]
money. For the rest of his life, he forbade anyone to speak the words 'South Sea'
in his presence."
Moreover, some argue that monkey’s are better at stock
picking then experts
Stock picking is often not a successful approach (and
not even Isaac Newton could master the markets)
“It started in 1973 when Princeton University professor Burton Malkiel claimed in
his bestselling book, A Random Walk Down Wall Street, that “A blindfolded
monkey throwing darts at a newspaper's financial pages could select a portfolio
that would do just as well as one carefully selected by experts.” “Malkiel was
wrong,” stated Rob Arnott, CEO of Research Affiliates, while speaking at the IMN
Global Indexing and ETFs conference earlier this month. “The monkeys have
done a much better job than both the experts and the stock market.”
Furthermore, it appears that the average investor performs worse
than other investment options (including inflation)
C
10 10
“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not
meeting these requirements are speculative” – Benjamin Graham, The Intelligent Investor
1 2 3 4 5 6 7 8 9 10

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