  This exploratory study examines which investing characteristics determine
success in an equity market. Based on data from 403 respondents, exploratory
factor analysis results in 13 factors: middle/long time horizon, qualitative
analyst, open-minded/disciplined, organized, emotional stability, na\"ive,
growth stock, concentrated portfolio, contrarian, value stock, globalized,
intrinsic value, and price-independent. Multiple linear regression of
individual investors' excess return on these factors show statistically
significant relationship. These results deepen our knowledge on what sort of
investing characteristics are required to survive in equity markets.

General Finance