In his most recent critique, Fisher argues that the very convenience of stock funds contributes to bad investing behavior by small investors.

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But in his majority opinion, Kennedy wrote that "no member of the investing public had knowledge" of fraudulent behavior when deciding to buy or sell securities.

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Either way, investing is less about economics than about behavior.

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The latest indication of the financial revolution taking place in Japan is that a prominent U.S. hedge fund manager has decided to take his brand of activist investing to a country that has successfully repelled and discouraged such aggressive behavior for decades.

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