'Winning the Loser's Game' refers to the principle that investment success is determined primarily by avoiding losses rather than by generating alpha, meaning the path to outperformance is through restraint and discipline rather than clever analysis.
definitionpending
Speaker
Dave NaticEvidence Quote
“that as an investor avoiding those unforced errors like in tennis unless you were at the very top of the game you win by not losing”
Source
Why Money Isn't What You Think: Barry Ritholtz on the Meaning of Money and How NOT to Invest It— Excess ReturnsCreated: 8/11/2026, 5:35:27 AM
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