if anyone has difficulty staying patient, this Howard Marks story can help.
(Also, anyone who's up 100% YTD will not come back to inform you that they're down 50% or whatever when/if that happens in some future year.) https://t.co/mlAw0u29Qy
if anyone has difficulty staying patient, this Howard Marks story can help. (Also, anyone who's up 100% YTD will not come back to inform you that they're down 50% or whatever when/if that happens in some future year.) https://t.co/mlAw0u29Qy
“To be a great investor, you must have an approach, and you have to stick to it, despite the times when it’s not working.” -Marks
Do you have a “number one principle” that guides you through the ups and downs of running a business?... See more
While it’s not a principle, I often think of the parable of the Taoist farmer. The Taoist farmer has one horse, and the horse runs off. The villagers lament his misfortune, and he replies “We’ll see.” The horse returns with four more horses, and t
Morgan Housel • What We’re Reading
"A very significant part of my philosophy has to do with managing your psychology. Markets are about the psychology of others. When are they panicking? When are they greedy? But you have those same flaws or those same potential flaws, and managing your portfolio in a way that doesn't leave you where you're panicking or overexposed to greed. If you ... See more
Das Narayandas • Quotes from Seth Klarman Interview
A few quotes...
“Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios which frequently appear downright imprudent in the eyes of conventional wisdom.”
“Memory – and the resulting prudence – always comes out the loser when pitted against greed.”
“Pro-cyclical behavio... See more
Fewer Losers, or More Winners?
oaktreecapital.com
In the absence of the ability to see the future, how can we position our portfolios for what lies ahead? I think much of the answer lies in understanding where the market stands in its cycle and what that implies for its future movements. As I wrote in The Most Important Thing, “we may never know where we’re going, but we’d better have a good idea
... See more