"The core benefit of a contrarian philosophy is not that it helps you be right more often than anybody else—it usually doesn’t. Rather, being contrarian leads us to opportunities where sentiment is so skewed that bad outcomes are already more or less in the price.”
"Accept the “cost” of diversification. The dangers of concentration can be offset by the prudence of diversification – investing in assets that will perform well in different scenarios. This sounds simple but is psychologically difficult, because we dislike holding assets that look like laggards. Good diversification in an uncertain environment means being comfortable owning assets that would have performed better in worlds that did not occur.”
"Wealth is what you have minus what you want.”
"We love an underdog, but it’s not the time for underdogs in this market.”
"Accept the “cost” of diversification. The dangers of concentration can be offset by the prudence of diversification – investing in assets that will perform well in different scenarios. This sounds simple but is psychologically difficult, because we dislike holding assets that look like laggards. Good diversification in an uncertain environment means being comfortable owning assets that would have performed better in worlds that did not occur.”
"Wealth is what you have minus what you want.”
"We love an underdog, but it’s not the time for underdogs in this market.”