CMKX stockholders really do provide a useful function in the market.....
From the July 4, 2005 issue of Forbes magazine* (p. 42):
"A new study suggests the markets need stupid investors to provide liquidity and help price securities accurately. If the dumbest players were aware of their weaknesses - overconfidence, holding a winner too long, failing to view their portfolios as a whole - they would bail out, hurting the smartest investors who actually gather information from the dullards and, in effect, profit on their mistakes."
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