Over the millennia, cultures have expended a great deal of time, energy and ingenuity in order to introduce some element of chance into decision-making. Naskapi hunters in the Canadian province of Labrador would roast the scapula of a caribou in order to determine the direction of their next hunt.
It used to be that there were two big problems. One was, what are you trying to accomplish? See if you can define that. And the second was, how can you beat the market? I believe most people get deeply involved with “how can we beat the market?” ...
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Wednesday, June 26, 2019
Our brains, while unrivalled in sophistication, are still woefully ill-suited for the task of long term investing. We are simultaneously the most evolved species on the planet and wholly unprepared for the demands of modern life. - Noreen Beaman ...
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Tuesday, June 25, 2019
There never has been a written contract covering the terms of their work together. Rather Munger and Buffett simply went forward on trust. The lesson of his business life is that you don’t want to do business with people you can’t trust ...
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Friday, June 21, 2019
As the Chinese philosopher Lao Tzu once said: "Those who know do not speak, those who speak do not know." It’s good investment advice. Trouble is, when it comes to investing it’s not only those “who speak” who don’t know. Most of us don’t know ...
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Thursday, June 20, 2019
I have developed a powerful and profitable belief system: I believe the current trade I am in will be a loser … a big loser at that. This continues to be my most important market mantra. Winners we can handle, it’s losses that kill you. This may sound ...
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Wednesday, June 19, 2019
The likes of Warren Buffett and David Dremen have for years been encouraging a value approach to investing. “The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) ...
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Tuesday, June 18, 2019
Happiness is actually a super interesting and complicated emotion, and there’s lots of answers about why evolution gave it to us, but I would say that the simplest answer is that happiness is a wonderful motivator.
“Nothing is more difficult,” said Gerald M Loeb, “than consistently and fairly profiting in Wall Street. I know of nothing harder to learn. Schools and textbooks can only supply a good theoretical background. Knowledge born from actual experience is the answer to why one profits; lack of it is the reason one loses.
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