You hear about a company, you do some reading, have a look at a chart, and then — BAM!, its on twitter, or CNBC being talked about. You want to invest, quickly, you dont want to miss the move.

In my estimation in 99% of cases this is the wrong thing to do. As a friend of mine (#Louis) recently wrote, the best investors ‘leg’ into a position. That is to say they recognise short term timing is unlikely to be a long term winning strategy (particularly in light of the long term buying objective).

We studied the impact of sizing, price action and responses at my previous hedge fund, in a…