Money and Finance
- Two To Five Observations Before Changing One's Mind...
The excerpt below is from James Montier in The Little Book of Behavioral Investing. One lesson from this is that if you get good at changing your mind quickly when the facts change, good at destroying your own best-loved ideas, and good and filtering...
- Body And Brain - By Scott Adams
Link to blog post: Body and BrainThe common view of human behavior is that thinking causes doing. In recent years science has discovered this situation to be more of a bi-directional thing. For example, studies show that forcing a smile can lead...
- Weekly Roundup - November 7, 2015
One of my guilty pleasures is watching CNBC. I know, gasp! How could I? While I typically recommend that we all ignore the financial media there's times where it's actually useful. Mainly the interviews with some really great business...
- Emerson's Pullback
Emerson Electric (EMR) has been on a bit of a pullback for the last month or so and has just recently started trading less than $50 which means its starting to get to the fairly undervalued range. I'm hoping for a further pullback to the $45's...
- One Way To Improve Your Investment Process
I sometimes think we are too much impressed by the clamor of daily events. Newspaper headlines and the television screens give us a short view...Yet it is the profound tendencies of history, and not the passing excitements, that will shape our future....
Money and Finance
Just Give Me a Framework - by Paul A. McCulley
Link to article: Just Give Me a Framework
Last weekend, after the whirlwind of the first week in my new job at PIMCO, I reread all my essays written during my previous incarnation here – some 120 of them. Yes, I have masochistic tendencies, which I will explore with my therapist, in hope those tendencies haven’t advanced to a disorder.
Don’t think so, as I was simultaneously listening to Pink: Just Give Me a Reason!
It was a very useful exercise, in part to remind myself of what I said and when I said it, so as to faithfully own my priors going forward. Not that I don’t have the right to change my mind. I am a devout believer of Keynes’ dictum that when presented with new information, a person has not just the right but the duty to change one’s mind. Or in the famous words of Ralph Waldo Emerson, a foolish consistency is the hobgoblin of little minds.
PIMCO is not a little-minds place, but rather a right-answer-wins place. And getting the right answer is often about being willing to openly recast one’s view of how the world works, in the context of one’s prior view, rather than passively dismissing it. There is no shame in recognizing new realities, only in refusing to do so.
- Two To Five Observations Before Changing One's Mind...
The excerpt below is from James Montier in The Little Book of Behavioral Investing. One lesson from this is that if you get good at changing your mind quickly when the facts change, good at destroying your own best-loved ideas, and good and filtering...
- Body And Brain - By Scott Adams
Link to blog post: Body and BrainThe common view of human behavior is that thinking causes doing. In recent years science has discovered this situation to be more of a bi-directional thing. For example, studies show that forcing a smile can lead...
- Weekly Roundup - November 7, 2015
One of my guilty pleasures is watching CNBC. I know, gasp! How could I? While I typically recommend that we all ignore the financial media there's times where it's actually useful. Mainly the interviews with some really great business...
- Emerson's Pullback
Emerson Electric (EMR) has been on a bit of a pullback for the last month or so and has just recently started trading less than $50 which means its starting to get to the fairly undervalued range. I'm hoping for a further pullback to the $45's...
- One Way To Improve Your Investment Process
I sometimes think we are too much impressed by the clamor of daily events. Newspaper headlines and the television screens give us a short view...Yet it is the profound tendencies of history, and not the passing excitements, that will shape our future....