I’m not a big fan of Howard Marks, but his recent memo about selling out published on 13 Jan 2022 is really worth reading.


波斯小丽01-25 14:14


阳光灿烂Nelson01-22 23:16

这段这是经典 , In a movie that plays in my head, the typical investor buys something at $100. If it goes to $120, he says, “I think I’m onto something – I should add,” and if it reaches $150, he says, “Now I’m highly confident – I’m going to double up.” On the other hand, if it falls to $90, he says, “I’m going to think about increasing my position to reduce my average cost,” but at $75, he concludes he should reconfirm his thesis before averaging down further. At $50, he says, “I’d better wait for the dust to settle before buying more.” And at $20 he says, “It feels like it’s going to zero; get me out!”

小何财露尖尖角01-22 11:14


闻达西01-22 09:45