QOTD: Too Smart

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One thing I learned very early in this business is that it is possible to be “too smart,” especially when one starts to believe he or she knows more than Mr. Market. Too many analysts and strategists approach this game as a math problem, expecting A + B to always equal C, when, in reality, A + B can equal C, -C, or even X, Y, Z. So, as always, the best we can do is assign probabilities to future moves and then wait for Mr. Market to either confirm or deny our analysis. And recently, Mr. Market has confirmed that he wants to at least try to move higher

- Andrew Adams, July 20th

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