"The overwhelming
majority of people are comfortable with consensus, but successful investors
tend to have a contrarian bent. Successful investors like stocks better when
they’re going down. When you go to a department store or a supermarket, you
like to buy merchandise on sale, but it doesn’t work that way in the stock
market. In the stock market, people panic when stocks are going down, so they
like them less when they should like them more. When prices go down, you
shouldn’t panic, but it’s hard to control your emotions when you’re
overextended, when you see your net worth drop in half and you worry that you
won’t have enough money to pay for your kids’ college." ~ Seth Klarman
from market folly
from market folly
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