Football is often described as a game of inches. First downs, scoring, and in/out of bound decisions that can determine the outcome of the game may even come down to fractions of an inch. Investing is similar: the difference between outperforming or underperforming the market may be a few fractions of a percentage point. As Ben Branch succinctly states, successful investing, defined as outperforming the market averages, is not easy. And yet it is very much a game worth playing, particularly if you win. The key to being on the winning side is to understand the fundamental principles of...