Quote for the Week
The really hard part about investment policy is not figuring out the best feasible combination. While it takes some time and analytical discipline, this part of the problem-solving is far from advanced science.
The really hard part is managing ourselves: our expectations and our interim behavior. Walt Kelly’s Pogo puts it as “we have met the enemy and he is us.” Most investors are too optimistic about the long run and much too optimistic about how well they will do compared to the averages, so they set themselves up for disappointment.
Even worse, most investors do harm to their longer-term investment results by trying and trying again to do better: changing managers and changing asset mix at the wrong time and in the wrong way. — Charley Ellis (source)
From the Archives
Last Call
- The Spotlight – MicroCapClub
- Why Do We Do Stupid Things with Our Money? – J. Zweig
- Managing Concentration Risk – Humble Dollar
- The Benefits of Base Rates – Excess Returns
- Where Factors Speak Loudest – Verdad
- Why Everything Suddenly Got Worse (podcast) – Honest Broker
- Laws, Theories, Principles and Patterns that Developers will Find Useful – Hacker Laws
- How Silver Flooded the World – Uncharted Territories
- The 250 Greatest Songs of the 21st Century So Far – Rolling Stone (Spotify Playlist)