Diversification is inadequate as a risk management technique and too primitive for the new environment of volatility and uncertainty.
A small percent change in total returns achieved both before and after retirement can make a huge difference in your standard of living after retirement
The rise of passive investing and systematic investing may lead to greater stock market inefficiency. It will have little negative impact on active investors.
If we calculate the value of a common stock to be only slightly higher than its price, we’re not interested in buying
Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain.
Be prepared financially and psychologically to live through a series of bull markets and bear markets because in the long run common stock will pay off enormously and the next bull market will carry prices far higher than this one
Prices in the stock market are never a reliable guide to the fair value of a stock.
No investment decision should ever be motivated by trying to beat the market. The moment this impulse creeps in, the investor is liable to risk seeking behavior.