"To have any chance of being a successful long-term investor, we need to make decisions that are consistent, slow, and infrequent. What does this mean? Consistent: Follow a process where we are clear about what our aim is and what information matters. Slow: Consider any new information carefully and never when in a hot, emotional state. Infrequent: Trade rarely. Doing nothing must be the strong default."
"If you only invest in growth stocks, that means you end up with an expensive random portfolio rather than a cheap random portfolio. My favourite explanation is that it is because human beings are overconfident in recent outcomes."
"China advances through zigzag inflection points - policy experiments, global headwinds, and local reforms. Yet the narrative is more coherent than any since the pandemic began. Although risks remain, the choice facing investors is not whether to participate but how to position with discipline."
"The road to S&P 8,000 is going to be bumpy but not at all out of reach, and the pullback in November which removed some degree of froth signals a healthy functioning market."
"If you only invest in growth stocks, that means you end up with an expensive random portfolio rather than a cheap random portfolio. My favourite explanation is that it is because human beings are overconfident in recent outcomes."
"China advances through zigzag inflection points - policy experiments, global headwinds, and local reforms. Yet the narrative is more coherent than any since the pandemic began. Although risks remain, the choice facing investors is not whether to participate but how to position with discipline."
"The road to S&P 8,000 is going to be bumpy but not at all out of reach, and the pullback in November which removed some degree of froth signals a healthy functioning market."