Quote for the Week
My ability to forecast the market is no better than anybody else’s, which means it’s quite poor. Some people are successful in calling one or two or even three turns in a row, but they are even worse off than I am because once somebody thinks he can forecast the market he tends to put increasing amounts of money behind his opinions. When he finally makes a mistake, he really gets destroyed…
As I said, I don’t know what the market is going to do. I don’t think most people are any good at forecasting swings either, so I think this leaves you with only two ways of approaching the market. In the first, you remain fully invested at all times, and every once in a while you stand up and take your losses like a gentleman. The other involves following a formula of one sort or another. — Robert Wilson (source)
From the Archives
Last Call
- Marks Memo: Fewer Losers, or More Winners? – Oaktree
- The Real Yale Model – Capital Allocators
- Warren Buffett’s 1969 Annual Letter – Kingswell
- An Update on the Stock-Bond Correlation – Verdad
- Understanding Change: Second Half of the Chess Board – Periscope
- How Not to be Fooled by Viral Charts – Noahpinion
- Stories are Bad for Your Intelligence – The Ruffian
- The Discovery of Copper – Works in Progress
- The Man Who Built the Biggest Match-Fixing Ring in Tennis – Washington Post
