Kaushal "Ken" Majmudar on investing process vs. outcome

Most investors who are fooled by randomness focus too much on outcome (i.e. historical experience grounded in statistics) and too little on process.  By focusing on outcome over process, you tend to become overactive, undisciplined and a follower – looking and finding short-term patterns to which you attribute often false significance.  You constantly attempt to move to greener pastures but rarely arrive at your destination or stay to enjoy your surroundings.  In investing as in life, most people overestimate what can be accomplished in one year and vastly underestimate what can be accomplished in ten years.

~ Kaushal "Ken" Majmudar, founder of Ridgewood Investments, 2005 Annual Letter to Clients, March 7,  2006