Quote for the Week
I think one of the most pervasive problems in the financial markets is investment with too short a time horizon. The fact that people look at quarterly returns of mutual funds is incredibly dysfunctional. I mean, there’s no way that you can expect somebody quarter in and quarter out or month in and month out to produce superior returns. There just aren’t pricing anomalies that are significant that are going to resolve themselves in a matter of months or weeks and so it’s a silly game to play. By extending your time horizon to three years, or four years, or five years, it opens up a whole host of investment opportunities that aren’t available to people that are playing this silly, short-term game. — David Swensen (source)
From the Archives
Last Call
- I Don’t Know – Capital Allocators
- Expectations Debt – M. Housel
- The Ultimate Buy and Hold Portfolio – J. Rekenthaler
- ‘Growth’ is Not the Same as ‘growth’ – Klement on Investing
- Ben Graham Saw That He Was Wounded – Beyond Ben Graham
- A History Of Debt Limits & Defaults – Investor Amnesia
- Survivor Bias and the Mistake of Stability – S. Godin
- Foresight: The Mental Talent that Shaped the World – BBC
- The Birth of the Personal Computer – New Yorker
