Value Investing

Graham, Buffet, Tweedy Brown and so many have practiced value investing for years and have done exceedingly well. So why doesn't everyone just copy it. Because, human beings naturally are born speculators. Gambling is probably in our blood. Stocks bring out that spinstinct (my own term: Speculative Instinct) very effectively. Hence most of the world becomes a momentum investor. Very few have the emotional discipline to stay in the game for the long term. Investing, more so than many things in the world, boils down to emotional discipline.