In his monumental book “ Trading is hazardous to your Wealth” prof Terry Oden, a student of Daniel Kahneman, showed that on average, the most active traders had the poorest results, while the investors who traded the least earned the highest returns. Another great mind Richard Thaler, in his book “Nudge” wrote that traders who change their trading position every 5–10 years on average have higher returns than those who change more often. The point I want to make is, My country Republic of Macedonia is going to change its constitution for the fourth time in 27 years and the name for the first time. I don’t know if there is a correlation between trading and politics but if there were we, whatever we are going to be called from today, are damn bad traders.
On another note, In another paper “Boys will be boys”, Oden proved that women traders on average have higher returns than man, and for that I no longer consider him to have balls.
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