[kem]

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All this of course is related to my Fundamental Theorem Of Investing. Don't invest unless you can explain why people are taking the other side.

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So in order to be long the stock market, I have to be able to explain why people are short the stock market? WTF

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That's a good question.

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Try reading the thread.

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If this was covered in the thread, I missed it, but I'm guessing Sklansky meant to provide some caveat, such as "in order to beat the market..." Since stocks drift up, investing in index funds is a good move for someone who can handle the volatility. You shouldn't need to explain why someone might be short the market in order to be long..