Comments on: Is stock-picking just another hobby for men? http://blogs.reuters.com/felix-salmon/2012/11/28/is-stock-picking-just-another-hobby-for-men/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: essay writers http://blogs.reuters.com/felix-salmon/2012/11/28/is-stock-picking-just-another-hobby-for-men/comment-page-1/#comment-54883 Mon, 13 Oct 2014 11:41:35 +0000 https://blogs.reuters.com/felix-salmon/?p=19615#comment-54883 Greetings from Colorado! I’m bored at work so I decided to check out your site on my iphone during lunch break. I love the info you present here and can’t wait to take a look when I get home. I’m shocked at how quick your blog loaded on my cell phone .. I’m not even using WIFI, just 3G .. Anyhow, excellent site!

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By: TFF http://blogs.reuters.com/felix-salmon/2012/11/28/is-stock-picking-just-another-hobby-for-men/comment-page-1/#comment-44884 Fri, 30 Nov 2012 02:32:19 +0000 https://blogs.reuters.com/felix-salmon/?p=19615#comment-44884 Sound investing is easy. Buy quality, let it ride.

Stock-picking is devilishly hard. Keeps me humble! HPQ anyone? :)

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By: modernist http://blogs.reuters.com/felix-salmon/2012/11/28/is-stock-picking-just-another-hobby-for-men/comment-page-1/#comment-44882 Fri, 30 Nov 2012 00:22:28 +0000 https://blogs.reuters.com/felix-salmon/?p=19615#comment-44882 Mr. Salmon, if Seeking Alpha’s subscription program is dumb money, why don’t you make a bet on it?

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By: spectre855 http://blogs.reuters.com/felix-salmon/2012/11/28/is-stock-picking-just-another-hobby-for-men/comment-page-1/#comment-44876 Thu, 29 Nov 2012 21:56:45 +0000 https://blogs.reuters.com/felix-salmon/?p=19615#comment-44876 Thought provoking post as usual Felix. I think you’ve pretty well nailed this but I’d also add in another aspect. I think there is a bit of the psychology of gambling involved as well. I think a lot of amateur investors look at stock picking as a form of scratch off ticket in which they think that they can tip the odds in their favor with a bit of (usually misguided) research. It’s just like blackjack where everyone thinks that their method is superior and that they’ll come home from the casino rich.

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By: phil_20686 http://blogs.reuters.com/felix-salmon/2012/11/28/is-stock-picking-just-another-hobby-for-men/comment-page-1/#comment-44871 Thu, 29 Nov 2012 15:26:31 +0000 https://blogs.reuters.com/felix-salmon/?p=19615#comment-44871 You seem to have a blind spot when it comes to passive investment strategies.

Markets are basically weak form efficient, which is that they aggregate the opinions and views about the future of those traders who trade in them.

However, this creates a natural inefficiency about time frames. Most fund investors have one year time frames, and most day traders are much shorter, so there is large inefficiencies due to a lack of large investors with long time frames. These are prime conditions for the buy and hold strategy ala Buffet, Graham etc. There remains the opportunity for (reasonably well informed) retail investors to beat the market by having a long enough time horizon.

Passive investing is essentially a variant of buy and hold. However, ETF’s have become too popular, and they are crowding the trade. In the UK, for example, share prices get bloated or hammered just by being promoted into the indices. As soon as ETF’s have become big enough to affect the market, they are creating an inefficiency, and inefficiency means they are creating the ability for active investors to add value, just be researching shares that are not inside the ETF bubble.

ETF’s were a great idea when they were small, they were benefiting from the efficiency of the market. Now they are the dumb money, which is distorting the market, and creating the ability for fund managers to outperform the index.

Look at, for example, the Horizon Asset Management Hedge Fund letters, comparing similar companies that are more and less popular among ETF builders. The less popular offer around 2% better return.

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By: JJButler http://blogs.reuters.com/felix-salmon/2012/11/28/is-stock-picking-just-another-hobby-for-men/comment-page-1/#comment-44868 Thu, 29 Nov 2012 12:53:15 +0000 https://blogs.reuters.com/felix-salmon/?p=19615#comment-44868 The 62 year old conservative saver ‘hobbiest stockpicker’ does not appreciate the Eddie James salesman having them fill out a survey, the results of which directing to put half their money into a bond fund yielding less than the salesman’s fees. Further, the salesmans’s mutual funds are expected to do less well than the market. Throw in some intellectual and emotional stimulation as yes, these men enjoy a $100 year subsciption site such as mine.

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