Då ligger veckans avsnitt ute:
Återigen en fortsättning på Howard Marks bok “The most important thing” och hans “Memos to the Shareholders”.
I always tell my students, ”If you do a good job valuing a stock, I guarantee that the market will agree with you.” I just don’t tell them when. It could be weeks or years. Graham said that the market is a ”weighing machine” over the long term, even if it is often emotional over the short term. In my experience with the stock markets, two or three years is generally enough time for the market to get it ”right”. If you read the newspaper every day, this is often a tougher wait than it sounds.”
Unless you buy at the exact bottom, which is next to impossible, you will be down at some point after you make every investment.”
Följande “sayings” har jag märkt att jag redan börjat ta med mig:
Investment succes doesn’t come form ”buying good things”, but rather from ”buying things well
Well bought is half sold
Sedan blir nog ingen av er förvånad att jag gillade följande citat:
It’s a fundamental premise of the efficient market hypothesis – and it makes perfect sense – that if you buy something for it’s fair value, you can expect a return that is fair given the risk.
But active investors aren’t in it for fair riskadjusted returns; they want superior returns. If you will be satisfied with fair returns, why not invest passively in an index fund and save a lot of trouble.
People should like something less when it’s price rises, but in investing they often like it more. This is uncanny but often true. People are attracted to those investements that have performed well lately. They are also attracted to professional managers who have performed well lately though there is usually not much correlation with that managers future performance.