In his recent interview on Unlock Your Wealth, Rob Arnott says the best strategy is one where you will stay the course when it goes against you. Here’s an excerpt from the interview:
Arnott: You want to look at investment strategies from a vantage point of would I stay the course if it goes against me. Because any strategy will go against you from time to time. So in thinking about investments you have to ask the question will this strategy freak me out so that I bail out at the wrong time.
There have been a number of times in my career when I was sitting next to somebody on the plane who said I just lost half my money in the stock market. I’m going out. I’m never going to invest in stocks again as long as I live, and my advice to them which is obviously likely to be ignored is you’re thinking about the market and thinking about investing from a perspective of sell low/buy high this is… ours is the only major industry in the global macro economy where people hate bargains.
You can watch the entire interview here:
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