Quote for the Week
We do pay attention to what’s going on; we read extensively; we listen to what our friends in the business say, what the sell side people say, what people on television say. All of that is input into the way we think about things. But, our judgment is that the market is pretty good about incorporating the present state of affairs into stock prices or bond prices. And so, as I’m fond of telling the analysts, if it’s in the newspapers, it’s in the price. So you really need to understand what isn’t in the price, what isn’t being discounted, what events can happen that will lead the market to think differently about things. — Bill Miller (source)
From the Archives
Last Call
- How Investing Personality Types Frame Your Money Perspective – Portfolio Charts
- Fidelity Legend Peter Lynch: ‘I Never Said to Invest in the Stock Market’ – Yahoo Finance
- What Can the CIA Teach Investors? – Behavioural Investment
- How Returns Happen – Fortunes & Frictions
- Long-Only Value Investing: Size Doesn’t Matter! – Alpha Architect
- Industry Volatility – Verdad
- Pour Out Lesser Ideas to Get to Great Ones – Range Widely
- The Behavioral Economics Guide 2023 – Behavioral Economics
- The Illusion of Moral Decline – Nature
- The Coolest Library on Earth – Hakai