In a world that thrives on 24 hours a day financial news, inactivity is seen as brain dead.
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I think people trade too much, looking for short-term gains. But I don’t think you should hold stocks indefinitely.
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Individual investors tend to churn their accounts, they tend to trade too much, and that they trade too much seems to be due to over-confidence. They believe they know something that they do not know and this is one essential characteristic of human beings, which makes them different from rational beings.
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You only need one or two good stocks a decade. You don’t need a lot of action.
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We are sort of the polar opposites of a lot of investors. We do a lot of thinking and not a lot of acting. A lot of investors do a lot of acting, and not a lot of thinking.
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The more you trade, the harder it is to add value because you’re absorbing a lot of transaction costs, not to mention taxes.
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The disadvantage of being in any kind of a market type environment – Wall Street would be the extreme – is that you get over-stimulated. You think you have to do something every day.
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Wall Street makes its money on activity. You make your money on inactivity.
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I think there’s a tendency in the modern world of people wanting their money to be working hard, and I joke that our money is like a couch potato by comparison.
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Wall Street has this wonderful business about how to create transactions. They set up what we believe are false expectations, and that’s what I call the “beat by a penny, missed by a penny syndrome.”
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It’s now a rent-a-stock industry, compared with the old own-a-stock industry when turnover was 16 percent and the average holding period was six years.
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