My thoughts on second edition of The Four Pillars of Investing by William Bernstein

We think the very term ‘value investing’ is redundant. What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?
We think the very term ‘value investing’ is redundant. What is ‘investing’ if it is not the act of seeking value at least sufficient to justify the amount paid?
If I have to bite at stuff that is out of my happy zone, I’m not a .334 hitter
The most successful sailors are those who have a particular mindset in how they deal with the setbacks.
An investment is a favourable bet. Gambling is an unfavourable bet.
The concerns which fail are those which have scattered their capital, which means that they have scattered their brains also. They have investments in this, or that, or the other, here, there and everywhere
Here were financial people who could seriously consider that stocks are less safe because they have declined in price than they were after they had advanced in price
One way to be adept at avoiding failure is to avoid attempting anything you might fail at
A high volatility 5-to-10-year return stream that might see several 30% drawdowns on the way to a superb 10 year record
They looked at the allocation between stocks, bonds and cash. They found that over 95 percent of the funds’ returns came from their asset allocation.
A risky investment may be volatile, but not every volatile investment is risky.
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