Nick Anderson, 5/25/12:
In investing, amateurs without the training, expertise, specialized equipment, and deep knowledge possessed by the professionals -- who have to take extensive courses and pass rigorous licensing exams before they are allow to trade -- should be able to buy an IPO stock on the first day and resell it to a bigger sucker a few hours later.
This holds true for all fields of human endeavor, as well: we can all fix our own cars, do our own tax accounting, design and build our own houses, and diagnose and effectively treat all of our own illnesses.
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