The Wisdom of Burton Pugh

It was true when he wrote it in 1948, and it’s still true today:

“To the professional short-turn trader who can spend all his time at the exchange, it
is, of course, permissible and expected that he will try to secure frequent fragmentary profits in an effort to compound them into larger funds, but this is not investment. Few are the ones who can afford to become ‘professionals’ and, in the final wind-up of a financial campaign, the outright investor following [a] plan will far exceed the results achieved by the less patient in-and-out trader.”

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