donderdag 10 december 2015


Dit jaar heb ik eigenlijk bijzonder weinig nieuwe lectuur gelezen, maar wel heel wat herlezen. 

Een boek waar ik random stukjes uit herlees, is The Most Important Thing (Howard Marks). 
En heel af en toe, als ik niet te lui ben,  licht ik er enkele m.i. gelukte passages uit, bv.: 
ergens vooraan:
"The way I see it, day traders considered themselves successful if they bought a stock at $10 and sold at $11, bought it back the next week at $24 and sold at $25, and bought it a week later at $39 and sold at $40. If you can't see the flaw in this—that the trader made $3 in a stock that appreciated by $30—you probably shouldn't read the rest of this book."

en uit z'n conclusies achteraan: 
"When investor psychology is at equilibrium and fear and greed are balanced, asset prices are likely to be fair relative to value. In that case there may be no compelling action, and it's important to know that, too. When there's nothing particularly clever to do, the potential pitfall lies in insisting on being clever."

En 1 van de mooiste: 
"Since the investors of the "I know" school, described in chapter 14, feel it's possible to know the future, they decide what it will look like, build portfolios designed to maximize returns under that one scenario, and largely disregard the other possibilities. The suboptimizers of the "I don't know" school, on the other hand, put their emphasis on constructing portfolios that will do well in the scenarios they consider likely and not too poorly in the rest"

Wat mij betreft: Howard Marks schrijfsels niet lezen, kan de gezondheid van uw vermogen schaden.

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