What mattered most was confidence in one’s own judgment, from which would flow the Kiplingesque cool to keep one’s head ‘when all about you are losing theirs’
Math and algorithms will give precise answers. And therein lies the problem.
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally
No investment decision should ever be motivated by trying to beat the market. The moment this impulse creeps in, the investor is liable to risk seeking behavior.