Saturday, May 4, 2013

Ed Thorp quote

From the book Hedge Fund Market Wizards:

Jack Schwager: What do you think is the biggest mistake people make in the markets?

Ed Thorp: Looking to outside sources for guidance in their positions. The belief that you can watch CNBC and get useful advice is very misguided. You really have to formulate your own opinion and not rely on so-called experts.