MARKETS: Six-Share Investors

A favorite Wall Street notion is that traders in odd lots (less than 100 shares of stock) are always wrong—when they buy, the market goes down; when they sell, it goes up. Last week the first comprehensive survey of odd-lot trading—made by the Brookings Institution under the direction of Dr. Charles 0. Hardy—found that odd-lotters are generally smart enough to buy on declines and sell on advances, but not smart enough to wait for a marked decline or a substantial advance. By buying and selling too soon, they miss the boat on...

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