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The most accurate thing I said was that The Intelligent Investor is a book worth studying --not just "reading"-- and that its lessons, if taken to heart and applied to markets --and to oneself-- can be a path to wealth. There are, of course, other worthwhile books where a beginner could begin their long journey. But Graham's book provides the overview that beginners need and does so with a dry wit most fail to appreciate.

In their details, markets are constantly changing. But not in their essentials, because human nature never changes. So investing/trading success is really about managing Fear and Greed, Hope and Despair, and having the humility to admit when one is wrong and the discipline to fix the problem. That means chewing through a lot of money until one has found a niche that suits one's personality, means, and goals.

I've put in my years, and the market gods were kind to me. Now I can coast and do other things like build boats and offer advice that should be ignored, because each person's path to wealth can only be their own.

"There are no roads but by walking."

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