But if the Wendt study of investor experience in the thirties is any indication, we may assume that many of them have little reason to be satisfied with their results. For those investors whose results are somewhat less than brilliant, formulas can supply an" answer, and probably can be said to "work," by any reasonable standard. They most certainly help to protect the investor against the dangers of emotionalism, and offer a guide to action that can protect him from acting under the perhaps unwise impulse of the moment. Furthermore, they do not freeze him in an inflexible vise that prevents him from exercising his own judgment or irritates him through lack of action, but they do supply a measure of self-discipline. And if the formula is adhered to with some degree of tenacity, the investor's results should be improved to a great extent. While it is probably an exaggeration to assert that "any plan is better than no plan," even a mediocre plan may produce better results than those attained by the average hit-or-miss investor, alternately subject to panic, agonies of indecision, impulsive action on ill-advised tips and a hundred other damaging influences.

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