Anyone who thinks it is easy is a first-level thinker … first-level thinkers see what’s on the surface, react simplistically, and buy or sell on the basis of their reactions … the first-level thinker simply looks for the highest-quality company, the best product, earnings growth or the lowest p/e ratio. He’s ignorant of the very existence of a second level at which to think, and of the need to pursue it.
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