- The model never varies. It never has an ego problem; it never has a fight with its spouse; it never wants to prove that it’s right. The model is never hung-over after a night of partying — it just does the same thing, time and time again. Very boring, very profitable. You have to stick with it
- We continue to advise that investors remain committed to a patient, long-term outlook and that the best way to do well in stocks is to use a disciplined, time-tested strategy that has the benefit of empirically tested results over a variety of market environments
- In terms of thinking about market valuations, think, do I care? My goals are 10, 20 years from now, not now. If you have shorter-term goals, you should be aware that market valuations fluctuate wildly
- Fear, greed and hope have destroyed more portfolio value than any recession or depression we have ever been through
- Arbitrage human nature. It’s not going to change any time soon
- By relying on the statistical information rather than a gut feeling, you allow the data to lead you to be in the right place at the right time. To remain as emotionally free from the hurly burley of the here and now is one of the only ways to succeed
- Think back to 1994, 1995, read any publication from that time, and everyone thought we were going to have a bear market. The person who waited for the 500 point correction on the Dow missed 5,000 points. You don’t want that to happen to you
- Price momentum comes at a tremendous cost in volatility. It’s a wild roller coaster ride. Make sure you don’t have lunch before doing price momentum alone. Use momentum where you can get low price-to-sales, low price-to-earnings ratios. Don’t use it alone
- If you have a 401(k) at work and you don’t use it, it’s like literally walking by buckets of money every day
- The average investor does significantly worse than a simple index… It’s literally because of the way our brains are wired
- Industries that make goods and services that people have to buy, regardless of economic circumstances, are bound to do well whatever the economic conditions
- The problem in the stock market it not that it’s unknowable, and not that it’s too complicated. The problem in the stock market is that we don’t let our good ideas work. We’re always getting in the way of our better ideas
- You have to pay yourself first, … You can’t let other things get in the way
- Stocks change. Industries change. But the underlying reasons certain stocks are good investments remain the same. Only the fullness of time reveals which are the most sound
- The problem in the stock market it not that it’s unknowable, and not that it’s too complicated. The problem in the stock market is that we don’t let our good ideas work. We’re always getting in the way of our better ideas
- You’ll get nowhere buying stocks just because they have a great story
- If you’re an investor who wants a little bit more from the capital-appreciation side of things, but still likes this concept of getting ‘paid by the company,’ then we would tell that investor to pursue shareholder yield
- If you are an investor who’s retired and hopes to live off the income that your portfolio is generating, then we would focus just on the dividend yield
- We believe that people moving their portfolios to an overweight in bonds will be disappointed over the long-term and will significantly underperform an asset allocation that over-weights equities
- If you’re indexing to the S&P 500, you’re buying the most expensive names in the market
- I tell people to design their ideal life. What do you want to do? What do you want to be? … Sit down, add up your expenses, write out your life
- I think, really, when you look at the stocks that are splitting, it’s almost a case of doing well on price performance
- Momentum as a selection criteria works very well. My data suggests that you don’t want to focus on laggards, even after they’ve turned the corner
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