Один из первых подкастов в шоу Тима Ферриса, который я послушала, был выпуск с Говардом Марксом, американским инвестором и писателем. Блистательный и очень интересный собеседник, каждую фразу которого хотелось записывать! Я отобрала для вас несколько цитат, хотя, будь моя воля, выписала бы сюда их беседу целиком.
You can’t predict. You can prepare. Now, it sounds like an oxymoron because how can you prepare if you can’t predict? But the answer is we never know what’s going to happen, but we can consider the likely scenarios and prepare for some of them.
The right decision at the wrong time is the wrong decision. The question of when is one of the hardest ones in our business, and I always say that we may have an idea of what’s going to happen, but we never know when it’s going to happen. You can’t call these things. As one of my partners says, “If you name a price, don’t name a date, and if you name a date, don’t name a price, and then you can’t be wrong.”
One of the keys to successful investing is to either be unemotional or, at minimum, act like you are. The great investors I know behave in an unemotional fashion. Warren Buffett couldn’t care less, David Tepper couldn’t care less, and so forth. I don’t know, frankly, whether people can teach themselves to be unemotional, but clearly, if you are as emotional as others, you will probably succumb to the same errors.
I once wrote on the subject of a good partnership was “Shared values and complementary skills.” If you have a partner that has different values than you do – for example, Bob wants to make the most money possible and Ed wants to operate with integrity. Those are largely contradictory. So I think it’s very important to share values, but I also think it’s important to not be the same person, a copy of yourself. If it’s a copy of yourself, you don’t need it. The person should bring skills that you don’t bring and maybe operate in ways you don’t.
We all have opinions, and we hold our opinions because we believe in them. Nobody ever says, “My opinion is X, and I think I’m wrong.” We all think that our opinions are correct. And again, the world becomes a better place – an easier place to navigate if we admit that even though there are opinions, they may be wrong.
Two kinds of people lose a lot of money: The people who know nothing and the people who know everything. Very few of us know nothing, but it’s really important not to assume we know everything. Knowing what you don’t know is one of the keys to success in anything. Dirty Harry said a man should know his limitations. “It’s not what you don’t know that gets you into trouble. It’s what you know for certain that just ain’t true.”
Patience is essential. There was an investment sage named Peter Bernstein, and he said, “The market is not an accommodating machine that will give you high returns because you need or want them.” I believe that right now, we’re living in a low-return world, and if you say, “Howard, I need high returns in a low-return world,” the only way to try to get them is by taking a lot of risk, and by definition, taking a lot of risk is not sure to work and could have negative consequences. So I believe that when you’re in a low-return world, you have to accept it and deal accordingly. I think one of the most important things we can do as adults, be it in the investment world or the real world, is to say, “It is what it is” – in other words, accept things for what they are, deal with them as they are, don’t spend a lot of time wishing they were different, and certainly, don’t act as if they were different. We have to accept the realities.
Друзья, оставляю для вас ссылку на подкаст:
https://itunes.apple.com/ru/podcast/the-tim-ferriss-show/id863897795?mt=2&i=1000420420376
You can’t predict. You can prepare. Now, it sounds like an oxymoron because how can you prepare if you can’t predict? But the answer is we never know what’s going to happen, but we can consider the likely scenarios and prepare for some of them.
The right decision at the wrong time is the wrong decision. The question of when is one of the hardest ones in our business, and I always say that we may have an idea of what’s going to happen, but we never know when it’s going to happen. You can’t call these things. As one of my partners says, “If you name a price, don’t name a date, and if you name a date, don’t name a price, and then you can’t be wrong.”
One of the keys to successful investing is to either be unemotional or, at minimum, act like you are. The great investors I know behave in an unemotional fashion. Warren Buffett couldn’t care less, David Tepper couldn’t care less, and so forth. I don’t know, frankly, whether people can teach themselves to be unemotional, but clearly, if you are as emotional as others, you will probably succumb to the same errors.
I once wrote on the subject of a good partnership was “Shared values and complementary skills.” If you have a partner that has different values than you do – for example, Bob wants to make the most money possible and Ed wants to operate with integrity. Those are largely contradictory. So I think it’s very important to share values, but I also think it’s important to not be the same person, a copy of yourself. If it’s a copy of yourself, you don’t need it. The person should bring skills that you don’t bring and maybe operate in ways you don’t.
We all have opinions, and we hold our opinions because we believe in them. Nobody ever says, “My opinion is X, and I think I’m wrong.” We all think that our opinions are correct. And again, the world becomes a better place – an easier place to navigate if we admit that even though there are opinions, they may be wrong.
Two kinds of people lose a lot of money: The people who know nothing and the people who know everything. Very few of us know nothing, but it’s really important not to assume we know everything. Knowing what you don’t know is one of the keys to success in anything. Dirty Harry said a man should know his limitations. “It’s not what you don’t know that gets you into trouble. It’s what you know for certain that just ain’t true.”
Patience is essential. There was an investment sage named Peter Bernstein, and he said, “The market is not an accommodating machine that will give you high returns because you need or want them.” I believe that right now, we’re living in a low-return world, and if you say, “Howard, I need high returns in a low-return world,” the only way to try to get them is by taking a lot of risk, and by definition, taking a lot of risk is not sure to work and could have negative consequences. So I believe that when you’re in a low-return world, you have to accept it and deal accordingly. I think one of the most important things we can do as adults, be it in the investment world or the real world, is to say, “It is what it is” – in other words, accept things for what they are, deal with them as they are, don’t spend a lot of time wishing they were different, and certainly, don’t act as if they were different. We have to accept the realities.
Друзья, оставляю для вас ссылку на подкаст:
https://itunes.apple.com/ru/podcast/the-tim-ferriss-show/id863897795?mt=2&i=1000420420376