"Money buys fewer bad days, not more great days"
"Marginal changes drive markets."
"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."
"Over the past 20 years, investors have grown accustomed to dramatic change. Yet I believe the period we are entering will dwarf those shifts. The next two decades will be marked by a speed and intensity of transformation that makes the last 20 look steady by comparison. Artificial intelligence is at the heart of this. It is not just another technology trend but a new foundation for the global economy."
"Marginal changes drive markets."
"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."
"Over the past 20 years, investors have grown accustomed to dramatic change. Yet I believe the period we are entering will dwarf those shifts. The next two decades will be marked by a speed and intensity of transformation that makes the last 20 look steady by comparison. Artificial intelligence is at the heart of this. It is not just another technology trend but a new foundation for the global economy."