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2012-01-21 Trends create the reasons for their own reversal. Thus, I like to say success carries within itself the seeds of failure, and failure the seeds of success. (0) (0)
2012-01-21 We never know what lies ahead, but we can prepare for the possibilities and reduce their sting. (0) (0)
2012-01-21 Over a full career, most investors’ results will be determined more by how many losers they have, and how bad they are, than by the greatness of their winners. Skillful risk control is the mark of the superior investor. (0) (0)
2012-01-21 You’ve got to go out on a limb sometimes because that’s where the fruit is. ~ Will Rogers (1) (0)
2012-01-21 We welcome it at the right time, in the right instances, and at the right price. We could easily avoid all risk, and so could you. But we’d be assured of avoiding returns above the risk-free rate as well. (0) (0)
2012-01-21 Risk control is the best route to loss avoidance. Risk avoidance, on the other hand, is likely to lead to return avoidance as well. (1) (0)
2012-01-21 Extreme volatility and loss surface only infrequently. And as time passes without that happening, it appears more and more likely that it’ll never happen. (2) (0)
2012-01-20 Outstanding investors, are distinguished at least as much for their ability to control risk as they are for gen-erating return. (0) (0)
2012-01-20 High quality assets can be risky, and low quality assets can be safe. It’s just a matter of the price paid for them. (1) (0)
2012-01-20 The market is not a static arena in which investors operate. It is responsive, shaped by investors’ own behavior. (0) (0)
2012-01-20 Risk arises as investor behavior alters the market. Investors bid up assets, accelerating into the present appreciation that oth-erwise would have occurred in the future, and thus lowering prospective returns. (0) (0)
2012-01-20 It’s only when the tide goes out that you find out who�存 been swimming naked. ~ (0) (0)
2012-01-19 It all happened because investors believed too much, worried too little and thus took too much risk. In short, they believed they were living in a low-risk world. (0) (0)
2012-01-19 The risk-is-gone myth is one of the most dangerous sources of risk, and a major contributor to any bubble. (0) (0)
2012-01-19 Risk cannot be eliminated; it just gets transferred and spread. (0) (0)
2012-01-19 The most valuable lessons are learned in tough times. (0) (0)
2012-01-19 Good times teach only bad lessons: that investing is easy, that you know its secrets, and that you needn’t worry about risk. (0) (0)
2012-01-19 Many futures are possible, but only one future occurs. (3) (0)
2012-01-19 The fact that something happened doesn’t mean it was bound to happen, and the fact that something didn’t happen doesn’t mean it was unlikely. (0) (0)
2012-01-18 A fundamentally weak asset — a less-than-stellar company�存 stock, a speculative-grade bond or a building in the wrong part of town — can make for a very successful investment if bought at a low-enough price. (0) (0)
2012-01-17 Risk means more things can happen than will happen. ~ Elroy Dimson (0) (0)
2012-01-17 The market can remain irrational longer than you can remain solvent. ~ John Maynard Keynes (5) (0)
2012-01-17 “Prices are too high” is far from synonymous with �含he next move will be downward.” Things can be overpriced and stay that way for a long time . . . or become far more so. (1) (0)
2012-01-17 No asset class or investment has the birthright of a high return. It’s only attractive if it’s priced right. (0) (0)
2012-01-17 It has been demonstrated time and time again that no asset is so good that it can’t become a bad investment if bought at too high a price. And there are few assets so bad that they can�宇 be a good investment when bought cheap enough. (0) (0)
2012-01-17 Investment success doesn’t come from “buying good things,” but rather from “buying things well.” (9) (0)
2012-01-17 Being too far ahead of your time is indistinguishable from being wrong. (1) (0)
2012-01-17 In the world of investing, being correct about something isn't at all synonymous with being proved correct right away. (0) (0)
2012-01-17 There’s no question about it: it’s harder to see the future than the present. (0) (0)
2012-01-15 You cannnot see your relfection in running water, only in still water. (0) (0)
2012-01-15 A real man doesn\'t love a million girls, he loves one girl in million ways. (2) (0)
2012-01-15 Don\'t cry because it\'s over. Smile because it happened. (0) (0)
2012-01-15 Abstention on the part of those who won’t venture in creates opportunities for those who will. (0) (0)
2012-01-15 Many of the best bargains at any point in time are found among the things other investors can’t or won’t do. (1) (0)
2012-01-15 One of the great sayings about poker is that “in every game there’s a fish. If you’ve played for 45 minutes and haven’t figured out who the fish is, then it’s you.�� (1) (0)
2012-01-15 If riskier investments could be counted on to produce higher returns, they wouldn’t be riskier. (0) (0)
2012-01-14 In theory there’s no difference between theory and practice, but in practice there is. ~ Yogi Berra (0) (0)
2012-01-14 You can’t do the same things others do and expect to outperform. . . .Unconventionality shouldn’t be a goal in itself, but rather a way of thinking. (0) (0)
2012-01-14 In basketball they say, “You can’t coach height,” meaning all the coaching in the world won’t make a player taller. (0) (0)
2012-01-14 As with any other art form, some people just understand investing better than others. They have— or manage to acquire— that necessary “trace of wisdom” that Ben Graham so eloquently calls for. (0) (0)
2012-01-14 Investing, like economics, is more art than science. And that means it can get a little messy. (2) (0)
2012-01-14 An investment approach may work for a while, but eventually the actions it calls for will change the environment, meaning a new approach is needed. (0) (0)
2012-01-14 If others emulate an approach, that will blunt its effectiveness. (0) (0)
2012-01-14 Psychology plays a major role in markets, and because it’s highly variable, cause-and-effect relationships aren’t reliable. (0) (0)
2012-01-14 No rule always works. (0) (0)
2012-01-14 Valid approaches work some of the time but not all. (0) (0)
2012-01-14 Investing can’t be reduced to an algorithm and turned over to a computer. (0) (0)
2012-01-14 Even the best investors don’t get it right every time. (0) (0)
2012-01-14 Few people have what it takes to be great investors. (1) (0)
2012-01-14 Everything should be made as simple as possible, but not simpler. ~ Albert Einstein (3) (0)
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