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

Johnny HopkinsInvesting Strategy, Stanley DruckenmillerLeave a Comment

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

Johnny HopkinsInvesting Strategy, Stanley DruckenmillerLeave a Comment

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

Johnny HopkinsInvesting Strategy, James MontierLeave a Comment

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

Seth Klarman: One Of Society’s Most Vexing Problems Is The Relentlessly Short-Term Orientation That Manifests Itself In Investing

Johnny HopkinsInvesting Strategy, Seth KlarmanLeave a Comment

We’ve just been reading Seth Klarman’s latest speech at the Harvard Business School. During the speech Klarman provides some great insights into the problems with a short-term orientation in investing. Here’s an excerpt from the speech: Consider corporate time horizons. It’s a choice to attempt to maximize corporate results over … Read More

Howard Marks: Avoiding All Losses Can Render Success Unachievable Almost As Readily As Can The Occurrence Of Too Many Losses

Johnny HopkinsHoward Marks, Investing StrategyLeave a Comment

In his 2014 memo – Dare To Be Great, Howard Marks says successful investing includes dealing with some losses saying: “To succeed at any activity involving the pursuit of gain, we have to be able to withstand the possibility of loss. A goal of avoiding all losses can render success … Read More

Michael Burry: Measuring Money Managers By ‘Relative Performance’ Harms Their Ability To Invest Intelligently

Johnny HopkinsInvesting Strategy, Michael BurryLeave a Comment

Seth Klarman has often spoken about the nonsense of measuring fund managers by their ‘relative performance’. That is, measuring the performance of their investments against various market benchmarks. A quick read through Michael Burry’s Scion Capital shareholder letters shows that he’s also not a fan of relative performance as a … Read More

Stanley Druckenmiller: What Should Investors Do If They’re In A ‘Slump’

Johnny HopkinsInvesting Strategy, Stanley DruckenmillerLeave a Comment

Here’s a great interview with investing legend Stanley Druckenmiller at Real Vision in which he discusses the importance of investors knowing whether they’re currently ‘hot’ or ‘cold’ with regards picking investments. He also provides some great insights into what you should do if you find yourself in an investing slump. … Read More

Dan Loeb: We Continue To Invest In The Integration Of Our Fundamental Process And The “Rise of the Machines”

Johnny HopkinsDan Loeb, Shareholder LettersLeave a Comment

Dan Loeb recently released his Q32018 shareholder letter in which he discusses the difficulty of investing in the market this year, the current market environment, and how he plans to invest in the future. Here’s an excerpt from that letter: In the hit NBC television show The Good Place, (spoiler … Read More