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Winning by Not Losing


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Many investors have the right philosophy, but there is a gap between execution and philosophy, theory and practice. The bridge is sometimes experience, sometimes temperament. More times than they would admit , they don't actually understand the theory in deep detail. Also, sometimes you just can't find anything great.


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As Charles Ellis has pointed out successful investing is like what it takes to win at tennis




I read this around 2000, but my recollection is that it was good.


Before it was a book, it was an article:



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