Investing Against the Tide: Lessons From a Life Running Money by Anthony Bolton

Author:Anthony Bolton [Bolton, Anthony]
Language: eng
Format: azw3
ISBN: 9780273747079
Publisher: Pearson Education Limited
Published: 2012-12-27T05:00:00+00:00

chapter 15

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Market timing and how the markets work

‘A successful market timer must be able to go against the general mood of the market’

‘You pay a very high price for a cheery consensus. It won’t be the economy that will do in investors; it will be the investors themselves. Uncertainty is actually the friend of the buyer of long-term values’

Warren Buffett

‘If we [the US in 2007] go into a recession we will come out of it. In any case we have had only two recessions in the past 25 years, and they totalled 17 months. As long-term investors, we position portfolios for the 95 per cent of the time the economy is growing, not the unforecastable 5 per cent when it is not’

Bill Miller

‘Everyone has the brainpower to make money in stocks. Not everyone has the stomach. If you are susceptible to selling everything in a panic, you ought to avoid stocks and mutual funds altogether’

Peter Lynch

‘The four most costly words in investment are: ‘this time is different’’

Sir John Templeton

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