I was re-reading Blood in the Streets last night--a classic contrarian book--when I came across this passage: "There is no doubt at all, from our experience, that people get the best results from investment policies that fit their characters, and can get very disappointing results when they run against their natures."
What happens when coin collectors buy coins that don't reflect their characters, coins that they buy, not because they actually like them but because they believe they will be a good investment?
BTW, Blood in the Streets came out in 1987, almost 20 years ago. If you want to know why the world is so goofy today and why it's destined to become even more goofy this is the book. It's all unfolding right now, page by page.
Blood in the Streets--James Dale Davidson & Sir William Rees-Mogg. ISBN 0-671-62735-X
"To be a successful investor you have to be right, but in your own way. It is not only a matter of knowing yourself. It is even more important to be yourself."
James Dale Davidson & Sir William Rees-Mogg