I discussed an interesting point with someone today. Long-term investors believe that the short term is unpredictable, but the long term can be predicted based on the power of common sense, such as Buffett. Short-term investors, on the contrary, believe that the short-term is predictable but the long-term is unpredictable. In fact, they are all right. In the final analysis, people can only make money that conforms to their own perceptions.