chapter 15
Market timing and how the markets work
‘A successful market timer must be able to go against the general mood of the market’
‘You pay a very high price for a cheery consensus. It won’t be the economy that will do in investors; it will be the investors themselves. Uncertainty is actually the friend of the buyer of long-term values’
Warren Buffett
‘If we [the US in 2007] go into a recession we will come out of it. In any case we have had only two recessions in the past 25 years, and they totalled 17 months. As long-term investors, we position portfolios for the 95 per cent of the time the economy is growing, not the unforecastable 5 per cent when it is not’
Bill Miller
‘Everyone has the brainpower to make money in stocks. Not ...
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