If you keep written journals, there is simply no way to let hindsight bias take over, for there, in your own hand, is what you thought about something at the time, with revisions through selective memory impossible.
The ingredients are the signals that are used to select investments. The recipe is the set of rules used to transform those signals into portfolio allocations.
As soon as he said it, I knew he was right.
Performance appears to have strongly influenced growth even after controlling for fee differences.
Citing a PE ratio is like remarking on the fact that it’s cold in Antarctica and hot in Africa.
His investment arm, the Durant Company, claims early-stage investments from $250,000 to $1 million in roughly 30 companies through a network of venture capitalists
Since small stocks typically have larger market betas than large stocks, part of the size premium may simply be the equity market risk premium in disguise.
Finance 101 tells us stocks should earn more money than bonds over the long-term most of the time.
Only in hindsight do we know that an equity peak has signaled an oncoming recession. Most of the time, equity drops have signaled nothing
What are they worth now, what will they be worth later?
It takes a couple of weeks to wind down to return to civilian life.
On average, we see a 1987 chart every three weeks.
The problem I have with alternatives is most of them are not genuinely alternatives.
Don’t always consider all your options.