I so rarely have the chance to field-test anything. Amelie is so conservative about these things -Myrnin
The trick of successful investors is to sell when they want to, not when they have to.
Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.
Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money.
The inability to hold cash and the pressure to be fully invested at all times meant that when the plug was pulled out of the tub, all boats dropped as the water rushed down the drain.
When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.
Be sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.
I lived in great poverty as a child and young woman, and I used to think of money and how to make money as a means to get away from the constant struggle to survive - as freedom. Now I know it isn't freedom. It's not a solution, but a new problem. It comes with its own challenges and tremendous obligations.
Oh, wherefore come ye forth in triumph from the north, With your hands, and your feet, and your raiment all red? And wherefore doth your rout send forth a joyous shout? And whence be the grapes of the wine-press which ye tread?
Beauty is first and foremost an emotion.
Education can also be used as a soft power and as a soft force to transform societies. When I say transform societies it means we can tackle issues in political, social, cultural, economic areas. These are the most important things.