Do you consider yourself an active investor who picks stocks and times the market? 𝗔𝗰𝘁𝗶𝘃𝗲 𝗜𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝗶𝘀 𝗮 𝘁𝗲𝗿𝗿𝗶𝗯𝗹𝗲 𝗵𝗼𝗯𝗯𝘆 – 𝗽𝗹𝗮𝘆 𝘁𝗵𝗲 𝗴𝘂𝗶𝘁𝗮𝗿 𝗶𝗻𝘀𝘁𝗲𝗮𝗱. Because there is this little challenge: Stocks (or any investment) are valued by taking a number from today and multiplying it by a story about tomorrow! The numbers are easy to find – take revenue or earnings or dividends. You can then make a reasonable prediction of how those numbers might grow in the future. Easy enough. But then you must multiply those figures by a story – a story about optimism, or pessimism, or how angry investors are with politicians, or how smart they feel, or how persuasive their advisor has been. That’s the multiple on how much investors are willing to pay for the numbers. And that multiple is impossible to know because it’s a reflection of people’s moods at a moment in time....