If one will but analyze the fundamental causes of speculative failure, he will discover that the chief blame lies not in the character of the stock market, not in the fact that the game is loaded against the average speculator, but in weaknesses inherent in human nature. It is not the stock market which beats speculators. It is their own unreasoning instincts and inborn tendencies which they cannot master, and which given free rein lead on to ruin.
- R.W. McNeel
Beating the Stock Market (Chapter 25, Reason vs Instinct)
http://books.google.co.th/books?id=ed6Tw3TCG4AC&dq=R.W.+McNeel&printsec=frontcover&source=bl&ots=S2SbO2kH1a&sig=mYe7I1csaZ5YdBSRYRFDnD6XMyE&hl=en&ei=HdrGSfGtMpCw6wPzscnIBw&sa=X&oi=book_result&resnum=2&ct=result#PPA2,M1
Spot on.
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