Why does not there exists any advice unguaranteed ways to beat the market? Any system designed to beat the market, once known to more than a few people, carries the seeds of its own destruction There are two reasons for not including advice on guaranteed ways to beat the market in this book First, to do so would make a successful system public and hence unsuccessful Second the authors know of such system This does not mean that financial analysis is useless Although individuals should be skeptical when others tell them how to use financial analysis to beat the market individuals can try to understand the market with the use of financial analysis -------W. Sharpe, etcWhy does not there exists any advice on “guaranteed” ways to beat the market？ • Any system designed to beat the market, once known to more than a few people, carries the seeds of its own destruction. • There are two reasons for not including advice on “guaranteed” ways to beat the market in this book. – First, to do so would make a successful system public and hence unsuccessful. – Second, the authors know of such system. • This does not mean that financial analysis is useless. Although individuals should be skeptical when others tell them how to use financial analysis to beat the market, individuals can try to understand the market with the use of financial analysis.-------------------W. Sharpe, etc