A lot of mutual fund managers don’t know what they own. The odds are the best they have ever been for the individual.
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All you have to do, really, is find the best hundred stocks in the S&P 500 and find another few hundred outside the S&P 500, to beat the market.
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People spend all this time trying to figure out “What time of the year should I make an investment? When should I invest?” And it’s such a waste of time. It’s so futile.
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In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.
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If you looked at September 1986 to October ’87, the market was unchanged. It had a thousand points up and a thousand points down and they only remember the down.
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I’ve always said if you spend 13 minutes a year on economics, you’ve wasted 10 minutes.
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Some stocks go up 20-30 percent and they get rid of it and hold onto the dogs. And it’s sort of like watering the weeds and cutting out the flowers. You want to let the winners run.
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I think the secret is if you have a lot of stocks, some will do mediocre, some will do okay, and if one or two of ’em go up big time, you produce a fabulous result.
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For some reason, you lose money rapidly in the stock market but don’t make it rapidly.
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You can lose money very fast, in two months, but you very rarely make money very fast in the stock market. When I look back, my great stocks took a long time to work out.
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Diversification of risk matters not just defensively, but because it maximizes returns as well, because we expose ourselves to all of the opportunities that there may be out there.
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No matter how calm you are, no matter how long term an investor you are, no matter what your horizons, when the market is jumping around, you feel uncertainty in your gut and it’s hard to resist that.
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Volatility gets you in the gut. There’s no question that when prices are jumping around, you feel different from when they’re stable.
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The times I have been most wrong are the times I thought I was most right.
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The main thing that experience taught me was a sense of humility and an awareness of the importance of surprise, that is, unexpected things happen.
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The most important lesson an investor can learn is to be dispassionate when confronted by unexpected and unfavorable outcomes.
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Survival as an investor over that famous long course depends from the very first on recognition that we do not know what is going to happen. We can speculate or calculate or estimate, but we can never be certain.
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All of history and all of life is stuffed full of the unexpected and the unthinkable.
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Even the most serious efforts to make predictions can end up so far from the mark as to be more dangerous than useless.
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The constant lesson of history is the dominant role played by surprise. Just when we are most comfortable with an environment and come to believe we finally understand it, the ground shifts under our feet.
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