Investors Are Reversion Hunters, Not Trend Chasers

Some thoughts about the nature of the investment returns.

What type of activity is investing?

Is it quantitative, artistic, scientific, conditional, or repetitive?

I don’t think there is an easy answer to this.

What’s obvious is that it includes elements from all above. It’s quantitative, but you don’t need calculus; 8th-grade math would be enough. It’s artistic because numbers don’t guarantee results as in math…