One for the Cognitive Dissonance Hall of Fame

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From Gregory Zuckerman’s excellent piece on how active managers are coping with their Little Big Horn:

Bob Robotti is still trying to make money the old-fashioned way. The 63-year-old has been picking stocks for more than three decades at his New York firm. He regularly speaks with managers at companies, scrutinizes balance sheets and searches for out-of-favor companies trading at inexpensive levels.

“I know how to pick stocks, I’m better at it than I was 20 years ago, I’m convinced of that,” he says. “But if you looked at my results you would say that I’m not.”

What more can I say, top billin.

It’s not your skill that matters, Bob. It’s the overall level of skill for all players in the game that matters.

Source:

Woebegone Stock Pickers Vow: We Shall Return! (WSJ) 

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