Investing is a loser’s game

I’ve said this many times before but I think it bears repeating. Investing is a loser’s game, one that is won by making the fewest mistakes. There will be times, sometimes fleeting, when the payoff from being bold is so large you have to make the bet. But those moments, periods when sentiment becomes so extreme it can’t last, are rare. The rest of the time, investors are much better served by making only small changes to avoid large mistakes. ~ Joseph Calhoun III, Alhambra Investments