My investment plan for 2021
Plan for the worst. Hope for the best. And don’t agonize.
principles of operation
Understanding Ben Graham’s Principles of Operation
The various Principles of Operation that follow are not things I have dreamed up. They are frequently quotes or exact formulations or wording from Benjamin Graham, Warren Buffett, John Templeton, Philip Fisher, Peter Lynch, John Neff, Maynard Keynes and others.
The personal qualities successful investors need to cultivate
What mattered most was confidence in one’s own judgment, from which would flow the Kiplingesque cool to keep one’s head ‘when all about you are losing theirs’
Do quants with algorithms have an advantage over other investors?
Math and algorithms will give precise answers. And therein lies the problem.
Conservative investors win – conventional investors lose
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally
Thoughts on beating the market
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.