Charles Munger: EMT – The Stock Market Ain’t Like Physics, It’s Like A Mob At A Football Game

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Here’s a great short video with Charles Munger talking about The Efficient Market Theory saying: “Well I think we’ve had some effect, but they’re still teaching The Efficient Market Theory. Remember the old ideas die hard. And by the way it’s roughly right. It’s just the very hard form which … Read More

James Montier: What’s The Key Lesson Investors Can Learn From Templeton, Soros, Berkowitz and Steinhardt

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One of the best books ever written on Behavioral Investing is – The Little Book of Behavioral Investing by James Montier. There’s a great passage in the book in which Montier emphasises the key lesson that investors can learn from the world’s greatest investors saying: Small manageable steps are likely to … Read More

Seth Klarman: How To Increase The Likelihood Of Achieving Sustainable Gains With Limited Downside Risk Over The Long-Run

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In his latest Baupost Sharholder Letter, Seth Klarman provides some great advice for investors on how to increase the likelihood of achieving sustainable gains with limited downside risk over the long-run saying: “We believe another key element in portfolio management is curtailing the duration (the weighted average life) of one’s … Read More

Stanley Druckenmiller – Bulls Make Money, Bears Make Money, And Pigs Get Slaughtered – I’m Here To Tell You I Was A Pig

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We’ve just been re-reading one of our favorite speeches from legendary investor Stanley Druckenmiller at the Lost Tree Club some years ago. During the speech ‘The Druck’ provides some great insights into the mindset necessary to become a successful investor, saying: Excerpt From “The Druck” Speech The third thing I’d … Read More

Stanley Druckenmiller: What Characteristics Do You Need To Be A Great Investor

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Here’s a great interview with Stanley Druckenmiller speaking to Bloomberg’s Erik Schatzker in which Druckenmiller provides his thoughts on the economy, stocks, bonds, trump, algos, and the Fed. Druckenmiller was asked what sort of personality you have to have to be a successful investor. He says: “I think you have to … Read More

James Montier: How To Protect Yourself From Wall Street’s ‘Self-Serving’ Biases

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In his book – The Little Book of Behavioral Investing, James Montier wrote a great passage on how investors can identify and protect themselves from becoming victims of Wall Street’s self-serving biases. Here’s an excerpt from that book: So much for nature. Nurture also helps to generate the generally rose-tinted … Read More