From David Poppe at Giverny Capital Asset Management:

The good news for long-term investors is that the market of active stock pickers is, to a remarkable degree, hired, fired and compensated based on short-term performance. Active managers are plenty smart, but they’re usually more focused on short-term reality than long-term opportunity. They flood into and out of ideas, and even into and out of the stock market, a bit like the fight or flight reactions of prey animals...

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