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What's Your Investing Philosophy? Is It the Best One for You?

Nothing is more important to long-term investment success than a clear investment philosophy. And nothing is more controversial.

There are, no doubt, numerous investment philosophies and countless investment strategies. Investors and investment professionals attempt to protect themselves with philosophies aimed at extracting gains while normalizing the risks inherent in the market.

Yet, we all know financial markets have a propensity to behave erratically.

It reminds me of my college days in Hawaii catching waves as they relentlessly pounded the North Shore of Oahu. After calm, even serene, summer months the surf kicks up in the fall. Big-wave surfers flock to the beaches forming camps, each attempting to devise methods to ride the biggest waves without paying the ultimate price. Unfortunately, every so often a rogue wave rolls in and takes out not just the surfers, but also a fair number of spectators as well.

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