Quote for the Week
I don’t remember the exact year, maybe 2005 or 2006, David Swenson and I were having lunch. I said, “David, this is going to surprise you but I’m concerned that you may be too careful, too defensive, too protective. I just wonder; should you be a little bit more assertive and take a little more risk?” He said, “Honestly, I don’t know. But I do know one thing. Just about the time you think there’s never going to be a horrific negative surprise, one comes barreling along. I may be too careful. I may be too protective. I may be too defensive. Though knowing history, I think it’s probably a pretty good idea.”
So when the horrible experience came slamming through, it wasn’t that he was really prepared for that specific one, but he was well prepared for real difficulties…
There’s a lot to be careful about. Many see “be careful” as not doing things that are bold or courageous or creative. That’s not the right way to be careful. You should be bold, creative, and courageous, but disciplined and know exactly what you’re doing. — Charles Ellis (source)
From the Archives
Last Call
- What I’ve Learned Writing 400 Articles About Retirement – Retirement Manifesto
- Narratives, Affect, and Popularity in Investing – Periscope
- Stocks and Flows – Capital Gains
- Remember, Remember – Klement on Investing
- Reminder: How Much Impact Does the President Have on Stocks? – Dimensional
- Academic Research Summary: Does It Matter Why Factors Work? – ValIdea
- Morgan Housel: What Never Changes with Money (podcast) – At the Money
- Election Gambling Sparked the “Best Investing Book Ever” – Beyond Ben Graham
- The Island Ruled by Alien Snakes and Spiders – BBC