“In general, people are just churning their portfolios. Ben Graham once told me that the way a lot of individuals and institutional investors invest reminded him of people who traded their dirty laundry with each other. They were just trading for the sake of trading and they didn’t really own businesses. Investors are going to make out a whole lot better if their whole emphasis is on owning businesses and having a reasonable time horizon.”
-Lou Simpson
Quote from Investment Wisdom
