Thursday, June 4, 2015

The secret to successful investing..........

.....................unfortunately looks like it takes some effort.

The proliferation of complex securities made it more necessary to inquire into the exact determinants of the underlying cash flows on which the security was based; but the global financial crisis showed that many investors had not really understood this, or did not much care so long as a rating agency gave the answer they sought.
-John Kay, as excerpted from here

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