It is published just before FOMC meeting on interest rates and used to inform the members on changes in the economy since the last meeting. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. This is an excerpt from the 8 page tutorial on The Greatest Investors. Follow the link below for the complete tutorial.
Money is made by discounting the obvious and betting on the unexpected.
As principal investment advisor to the Quantum Group, the Quantum Fund is recognized as having the best performance record of any investment fund in the world in its 26 year history. Although it would be nice if we could always buy at the bottom and sell at the top, it is nearly impossible to do consistently. Investors all have the problem of being human. As such we have emotions that sway our judgment, it is in our nature to hate losing. Taking a loss on a stock is not just detrimental to our pocketbook, it hurts our egos as well.