Retail investors often learn the wrong lessons from success | The Economist

Retail investors often learn the wrong lessons from success

A study of Indian IPOs suggest investors confuse luck with skill

IT IS better to be lucky than good. This is the customary quip of poker players who owe success in a big pot to an improbable draw from the deck. In card games it is usually clear whom fortune has favoured. Not so in investing. The randomness of financial markets makes it hard to distinguish a good investor from a lucky one.

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