NewsLetter - October 2017
WISE WORDS FROM WISE MEN
Benjamin Graham: “The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.”
“The investor’s chief problem — and his worst enemy — is likely to be himself. In the end, how your investments behave is much less important than how you behave.”
Warren Buffett: “The stock market is a device to transfer money from the impatient to the patient.”
Jack Bogle: “Your success in investing will depend in part on your character and guts and in part on your ability to realize, at the height of ebullience and the depth of despair alike, that this, too, shall pass.”
Peter Lynch: “Thousands of experts study overbought indicators, head-and-shoulder patterns, put-call ratios, the Fed’s policy on money supply… and they can’t predict markets with any useful consistency any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack.”
“Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.”
John Kenneth Galbraith: “The function of economic forecasting is to make astrology look respectable.”
— From DAVIS ETFs:
EATING IN THE FIFTIES (MY GENERATION)
From my friend Janeen:
• A take-away was a mathematical problem.
• Pizza? Sounds like a leaning tower somewhere.
• Oil was for lubricating; fat was for cooking.
• Cubed sugar was regarded as posh. When did that stop?
• Healthy food consisted of anything edible.
• Cooking outside was called camping.
• “Kebab” was not even a word, never mind a food.
• Prunes were medicinal — they still are.
• Surprisingly muesli was readily available. It was called cattle feed.
• We called sushi “bait” — Deena still does.
• The one thing that we never, ever had on or at our table in the fifties… was elbows, hats, or cell phones.
WONDER WHERE WE GO FROM HERE?