In the world of investing, information is everywhere. We have real-time stock quotes, earnings reports, and economic forecasts at our fingertips. Yet, as Prem Watsa pointed out in his 2011 talk at Ivey Business School’s Value Investing Classes, “lots more information right doesn’t mean a thing because human nature hasn’t … Read More
Luck vs. Skill in Investing: Why There Are No Gurus, Only Cycles
During their recent episode, Taylor, Carlisle, and Michael Gayed discussed Luck vs. Skill in Investing: Why There Are No Gurus, Only Cycles. Here’s an excerpt from the episode: Tobias: Self abnegnation. I don’t mind that as a strategy. Michael: Well, I’ll tell you something. Actually, I’m half joking about it, … Read More
Howard Marks: How to Take the Market’s Temperature
In his memo titled – Taking The Temperature, Howard Marks discusses the importance of “taking the temperature of the market” by observing patterns and cycles driven by investor psychology. Study market history to recognize that extreme optimism or pessimism often leads to corrections. Cycles stem from excesses, where strong movements are … Read More