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Market prices are always wrong.

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If the bubbles contain a misconception, as they always do, then it can’t be maintained forever.

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パワハラ上司に堂々と反対意見を言える方法

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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.

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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.

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The scope for improvement is infinite, precisely because perfection is unattainable.

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There is always a divergence between our perception and what actually exists.

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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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Investing is about predicting the future, and predicting the future is about patterns.

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I have made my share of mistakes. There is no shame in admitting them and learning from them.

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