A Quote by David Dreman
Investors repeatedly jump ship on a good strategy just because it hasn't worked so well lately, and, almost invariably, abandon it at precisely the wrong time.
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I still believe that for good business analysts a concentrated portfolio is a good strategy combined with a long term horizon. Once again, the secret to success in following the formula strategy is patience, a quality in short supply for both professionals and individual investors alike. I think investors should have a large portion of their assets in equities over time.
I believe that good investors are successful not because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill.
Almost nothing worthwhile is easy, and it's hard to just jump in and be good at something difficult right off the bat... The only reliable way to succeed at anything is to actually do it, repeatedly, with concentrated effort. True for individuals, and true for organizations. Athletes, artists, businesses.
You wouldn't abandon ship in a storm just because you couldn't control the winds.
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.
Everybody wants to disown neocon strategy, including the neocons, because that strategy never worked. Still, it was, in point of fact, a strategy. Nobody else has one.
Lately Fish and I have been hooking up more, which is a good thing because it's just been a struggle for me as a bass player to play with someone who's so creative on the drums, and lately it's been really good, especially during sound checks.
The Berlin Defence suited my strategy for the match. I had a defensive strategy - Actually, I had in my pocket some other sharper stuff to fall back on - but first I wanted to try the defensive strategy with Black and it worked so well.
Well my wife and I just had a baby ourselves and it makes it harder to be on the road. It isn't for everybody and it can burn people out, and that's what's happened in the past. We've just kept the ship running y'know what I mean? You change engineers from time to time and as long as everybody coming aboard knows what direction the ship is, everything's alright.
The problems are our lives. In the "developed" countries, at least, the large problems occur because all of us are living either partly wrong or almost entirely wrong. It was not just the greed of corporate shareholders and the hubris of corporate executives that put the fate of Prince William Sound into one ship; it was also our demand that energy be cheap and plentiful.
Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
I am the captain of my destiny, I do not abandon the ship in hard times, But, I do have sense enough not to go down with the ship.
There's a lot of storylines over the years where you feel like it's maybe meant to be more important than it ends up being, and that's because we jump ship, and you gracefully extricate yourself from that as well as you can.
The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results. But why would you get on the bandwagon like that if somebody didn't make you with a whip and a gun?
I have great artistry, I can spin well, I have good footwork, and I can jump. I can do the quad jump, and I've done it multiple times in competition. It's definitely a jump that I have in my arsenal. I like to think of myself as the complete skater.
I think kids abandon stories all the time. They start stories and get frustrated or get a different, better idea. I think that it is more worthwhile to stick with a story and revise it and try to finish it than abandon ship. Revisions, for any writer, are the name of the game.
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