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In any market, as in any poker game, there is a fool. The astute investor Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.
Michael Lewis • Liar's Poker: From the author of the Big Short
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Bill Nygren, a portfolio manager at Oakmark Funds, has returned 12.19 annuliazed since inception compared to the S&P’s 9.78% https://t.co/mtUyn3ChPw
The fact that your brain becomes more risk seeking in bull markets and more conservative in bear markets means that you are neurologically predisposed to violate the first rule of investing, “buy low and sell high.” Our flawed brain leads us to subjectively experience low levels of risk when risk is actually quite high, a concept that Howard Marks
... See moreDaniel Crosby • The Behavioral Investor
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