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about the site, posts and me
About the site Many people think and think deeply, but few think correctly. To think correctly you need develop the right intellectual framework. You will not always be right or correct but you will be right more often then you are wrong. That is the best you can do and it will carry you far.
Developing a sound intellectual framework begins by thinking for yourself. It is strengthened by experience, a sense of history and listening to the right people.
About posts Most of the post are not time dependent, therefore, you will find older post useful. Furthermore, it is quite likely that entries will be rewritten, corrected and added to over time. The same idea may be written, expressed or presented differently or with other ideas. Entries are self-contained and written in plain English. To get the most out of the information, read and re-read the information especially after you have obtained some experience or after an event.
About Browsing 1. Browse them serially or randomly 2. Browse them by topic
About me I have been managing a investment fund for the past 12 years
I look forward to your comments, suggestions, corrections and criticisms
quotes
Success requires the work of generating ideas and capital. It requires the wisdom to differentiate between good and bad ideas. It requires the patience to wait for opportunity, then for results. The courage to act when your data and logic tell you and not what the market says. The temperament to do nothing when there is nothing you should be doing. The competence to manage the business and above all luck
Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria
Sir John Templeton
When there is a stock-market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them. Take the proceeds and buy conservative bonds. No doubt the stocks you sold will go higher. Pay no attention to this-- just wait for the depression which will come sooner or later. When this depression-- or panic-- becomes a national catastrophe, sell out of the bonds (perhaps at a loss) and buy back the stocks. No doubt the stocks will go still lower. Again pay no attention. Wait for the next boom. Continue to repeat this operation as long as you live, and you'll have the pleasure of dying rich.
From Fred Schwed Jr, Where Are The Customers' Yachts ?, 1940
The economist looks at the forest and glances at the trees. The investor looks at the trees and glances at the forest.
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