How to Spot the Next Starbucks, Whole Foods, Walmart, or McDonald’s Before Its Shares Explode

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Brad M. Barber and Terrance Odeon, “Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” Journal of Finance 4, no. 2 (April 2000). The authors show that investors who traded stocks actively had, on average, a far lower return than investors who followed a buy-and-hold strategy.