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0全部の名言 Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
0全部の名言 Market prices are always wrong.
0全部の名言 If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.
0全部の名言 When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.
0全部の名言 Outperforming the market with low volatility on a consistent basis is an impossibility. I outperformed the market for 30-odd years, but not with low volatility.
0全部の名言 The scope for improvement is infinite, precisely because perfection is unattainable.
0全部の名言 There is always a divergence between our perception and what actually exists.
0全部の名言 The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.
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