Normal
This may seem contradictory, but I agree. In the presence of an edge or any kind - which can be greater in some specs than elsewhere, poor risk management - which includes the concept of position sizing amongst other things - can send your edge back towards zero. On exits, the monkeys would not be expected to produce continual outperformance unless they had to exit and renew their positions periodically. The triggers for these 'exit strategies' can be anything, but they need to refresh their positions in particular ways to extract maximum benefit.None of this requires any knowledge of fundamentals whatsoever and is thus and confirmation of sorts that fundamentals are not be required at all to be profitable.
This may seem contradictory, but I agree. In the presence of an edge or any kind - which can be greater in some specs than elsewhere, poor risk management - which includes the concept of position sizing amongst other things - can send your edge back towards zero. On exits, the monkeys would not be expected to produce continual outperformance unless they had to exit and renew their positions periodically. The triggers for these 'exit strategies' can be anything, but they need to refresh their positions in particular ways to extract maximum benefit.
None of this requires any knowledge of fundamentals whatsoever and is thus and confirmation of sorts that fundamentals are not be required at all to be profitable.
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