In good years, defensive investors have to be content with the KNOWLEDGE that their gains, although perhaps less than maximal, were achieved with risk protection in place, even though it turned out to be not needed. – Howard Marks Every investor scrutinizes the relationship between risk and…
The power of prescience is not something that is easy to practice in our investing. Knowing something in advance can be unfair advantage if it is from knowledgeable sources. So being fair and prescient at the same time is very important. But, there always is the option to independently anticipate what…
Stock picking takes far more mind space, time, and effort in every investor’s life. The time dedicated to stock picking far exceeds the time spent on investment strategy. Stock picking and investment strategy are connected in the middle. The reasons are not difficult to decipher. Deep within, we believe that…