In politics, 1998 was the year of impeachment. In sports, it was the year of the great home run race. In the stock market, it was the year of the individual trader.
Walter Hamilton in "The Heyday of the Individual Trader" from the Los Angeles Times (1/3/99)Potential .400 hitters in the stock market are falling short of their goal because growing numbers of today's investors are sufficiently educated, sophisticated, and informed to block their way, just as batters capable of achieving a .400 average have fallen short of that goal since the old days because defending teams have developed sufficient skill to block their way. No successor to Peter Lynch has appeared on the scene, and even Warren' Buffett's touch is not as magic as it used to be.
Peter Bernstein in Where, Oh Where Are the .400 Hitters of Yesteryear? in the Financial Analysts Journal (November/December 1998)After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
Reminiscences of a Stock Operator by Edwin Lefevre
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