Money and Finance
From Marathon Asset Management's Neil Ostrer in an interview with Vanguard last year, and probably worth taping on a wall next to your desk:
[H/T Corner of Berkshire & Fairfax]
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Related books:
Capital Account: A Fund Manager Reports on a Turbulent Decade, 1993-2002
Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15
- The Tenets Of Capital Cycle Analysis
From Ed Chancellor in his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15: The essence of capital cycle analysis can thus be reduced to the following key tenets: Most investors devote more time...
- Ed Chancellor On The Capital Cycle...
From his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15, which was released in hardcover today: Typically, capital is attracted into high-return businesses and leaves when returns fall...
- Avoiding Promotional Management...
From Capital Account (and written by Marathon in December 2002): We suspect that business leaders who are busy promoting themselves or their stock are not properly focused on running their companies. We go out of our way to look for management that cares...
- The 5 Greatest Investment Books You’ve Never Heard Of - By Chris Mayer
Link to: The 5 Greatest Investment Books You’ve Never Heard Of ..... Mayer's picks: Humble on Wall Street Silent Investor, Silent Loser Sense and Nonsense in Corporate Finance Modern Security Analysis 100 to 1 in the stock market ..... A...
- 10 Investing Lessons Learned
Ten years ago this week, I started my first job in the investment industry and it seemed a fairly decent occasion to reflect upon some of the key principles I've learned thus far in my career. Patience is paramount. Having worked with a number...
Money and Finance
Keys to successful investing...
From Marathon Asset Management's Neil Ostrer in an interview with Vanguard last year, and probably worth taping on a wall next to your desk:
There are three keys to successful investing. First, being a contrarian with a long-term perspective is very important. Second is the ability to be open to new ideas combined with a skeptical approach to those people incentivized to sell these new ideas. Third, having the ability to focus on what matters, while ignoring what doesn't, is important.
Adding more information to an investment thesis may improve confidence in a decision but not necessarily accuracy. Dr. Herbert Simon, 1978 Nobel Prize winner, is quoted as saying, "A wealth of information creates a poverty of attention."
That idea is particularly important to bear in mind in a time when information, data, and models are becoming more complex and readily available, yet the percentage of active managers with a track record of outperformance relative to the market hasn't increased.
...................
Related books:
Capital Account: A Fund Manager Reports on a Turbulent Decade, 1993-2002
Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15
- The Tenets Of Capital Cycle Analysis
From Ed Chancellor in his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15: The essence of capital cycle analysis can thus be reduced to the following key tenets: Most investors devote more time...
- Ed Chancellor On The Capital Cycle...
From his introduction to Capital Returns: Investing Through the Capital Cycle: A Money Manager's Reports 2002-15, which was released in hardcover today: Typically, capital is attracted into high-return businesses and leaves when returns fall...
- Avoiding Promotional Management...
From Capital Account (and written by Marathon in December 2002): We suspect that business leaders who are busy promoting themselves or their stock are not properly focused on running their companies. We go out of our way to look for management that cares...
- The 5 Greatest Investment Books You’ve Never Heard Of - By Chris Mayer
Link to: The 5 Greatest Investment Books You’ve Never Heard Of ..... Mayer's picks: Humble on Wall Street Silent Investor, Silent Loser Sense and Nonsense in Corporate Finance Modern Security Analysis 100 to 1 in the stock market ..... A...
- 10 Investing Lessons Learned
Ten years ago this week, I started my first job in the investment industry and it seemed a fairly decent occasion to reflect upon some of the key principles I've learned thus far in my career. Patience is paramount. Having worked with a number...