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
That is what happened. I didn’t wait to determine whether or not the time was right for plunging on the bear side. On the one occasion when I should have invoked the aid of my tape-reading I didn’t do it. That is how I came to learn that even when one is properly bearish at the very beginning of a bear market it is well not to begin selling in bulk
... See moreEdwin Lefevre • Reminiscences of a Stock Operator
Learning to focuson process and accept the periodic and inevitable bad outcomes is crucial.Great investors recognize another uncomfortable reality about probability: the frequency of correctnessdoes not really matter (batting average), what matters is how much money you make when you are rightversus how much money you lose when you are wrong (slugg... See more
Dan Callahan • Reflections on the Ten Attributes of Great Investors
My friend and fellow value investor, Chris Browne, President of Tweedy Browne,describes what value investors do by telling this story. He was interviewing a new trader andafter the interview, walked them through the Tweedy Browne offices. At the elevator on theirway out, the trader commented, “At other Wall Street firms, just by walking through the... See more