MC says: It takes independent thinking, confidence, emotional detachment, and the discipline to adhere to very basic principles.MC, let's assume there are 50 million potential US investors that have enough assets to worry about.Out of the 50 million, how many do you think have ALL of those qualities?1) Independent thinking2) Confidence3) Emotional detachment4) DisciplineIf you think 51% or 25.5 million folks have ALL of those characteristics, then you are right.My guess is that maybe 5% of them have all four, leaving 95% that are missing one or more elements. In which case, I would be right.Clearly, the 100 METARites fit into the second category, so we only have to find an additional 2,499,900 other investors!It is an academic argument in either case. Investors that want to follow a Graham and Dodd approach have many options available to them. Let's just hope they don't stumble onto the next Bill Miller that underperforms over a 15 year period. In that case, the investors would have been better served with index funds.Thanks,Yodaorange
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