Part 3/7:
According to Campbell, understanding the different styles of prominent investors is critical. For instance, Warren Buffett is renowned for his buy-and-hold strategy, often maintaining positions indefinitely. Conversely, George Soros exemplifies a more opportunistic approach, characterized by frequent buying and selling based on market conditions—a concept he refers to as "the theory of reflexivity." This variable nature makes it difficult to reliably follow Soros's moves simply by analyzing his 13F filings.