发布于: 雪球转发:0回复:0喜欢:1

So why don’t people beat the markets? 

He(Joel Greenblatt) says most people are smart enough, especially on Wall Street, but they are too short term oriented and they don’t put their valuation work in the proper context. He said markets are most inefficient on a 3-5 year time horizon (this is a very important part of where my own edge comes from). The ability to look past where most people look (next quarter or next year) is absolutely crucial. Patience is a big edge.