Ralph Wanger

If you believe you or anyone else has a system that can predict the future of the stock market, the joke is on you
An attractive investment area must have favorable characteristics that should last five years or longer
Chances are, things have changed enough so that whatever made you a success thirty years ago doesn’t work anymore. I think that by concentrating on smaller companies, you improve your chances of catching the next wave
There’s always been damn fool investors. You want to go where the value is. Buying stocks is like buying groceries
Since the Industrial Revolution began, going downstream – investing in businesses that will benefit from new technology rather than investing in the technology companies themselves – has often been the smarter strategy
From our point of view, if you have a company which is uniquely tied up with one personality, and something happens to it where that personality is not going to be effective, the reason to own the stock is strongly diminished
Over time, a two-percentage-point advantage makes a huge difference to returns
If you’re looking for a home run — a great investment for five years or 10 years or more — then the only way to beat this enormous fog that covers the future is to identify a long-term trend that will give a particular business some sort of edge
This kind of analysis [focusing on long term trends] tends not to rest on numbers alone
Zebras have the same problems as institutional portfolio managers like myself. First, both have quite specific, often difficult-to-obtain goals. For portfolio managers, above-average performance; for zebras, fresh grass. Second, both dislike risk. Portfolio managers can get fired; zebras can get eaten by lions. Third, both move in herds. They look alike, think alike and stick close together. If you are a zebra and live in a herd, the key decision you have to make is where to stand in relation to the rest of the herd. When you think that conditions are safe, the outside of the herd is the best, for there the grass is fresh, while those in the middle see only grass that is half-eaten or trampled down. The aggressive zebras, on the outside of the herd, eat much better

	Business Inquiry
	masnar.capital@gmail.com