Icon8888 Gossips About Stocks
(Icon) Howard Mark's Investing Wisdom : Patient Opportunism
(a) Patient opportunism—waiting for bargains—is often your best strategy.
(b) You’ll do better if you wait for investments to come to you rather than go chasing after them. Select from the list of things sellers are motivated to sell rather than start with a fixed notion as to what you want to own.
Try to sit on your hands. Don't go out with a “buy list”; rather, wait for the phone to ring.
(c) Investors needn’t feel pressured to act. They can pass up lots of opportunities until they see one that’s terrific.
There’s no penalty for omitting good investments, the only real penalty is for making losing investments.
Having said so, calibration is important. Set the bar too high and you might remain out of the market for a very long time. Set it too low and you will be fully invested almost immediately; it will be as though you had no standards at all. Experience and versatile thinking are the keys to such calibration.
(d) We may look through fifty or seventy investments to find a handful of good ones. If we buy six that work out and miss fifteen that we should have bought, we never view this as a loss.
(e) Warren Buffett said there is no need to swing for every pitch. The bat should come off our shoulders when there are opportunities for profit with controlled risk.
One way to be selective in this regard is by making every effort to ascertain whether we’re in a low-return environment or a high-return environment.
A low return environment is when price is high. The opposite is true for a high return environment. It is not advisable to pursue high return in a low return environment. Because it can only be achieved through increased risk.
(f) The market’s not a very accommodating machine; it won’t provide high returns just because you need them.
You simply cannot create investment opportunities when they’re not there. The dumbest thing you can do is to insist on perpetuating high returns—and give back your profits in the process. If it’s not there, hoping won’t make it so.
(g) Having said so, you can take a long term view. During low return environment, you can invest anyway—ignoring short-run risk and focusing on the long run. This isn’t irrational, especially if you accept the notion that market timing and tactical asset allocation are difficult.
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Discussions
11 people like this. Showing 21 of 21 comments
this post is written from experience from the heart, not those quote here there.
2019-05-02 16:56
low-return environment or a high-return environment.?
how about S= Q r
when u see high r opportunity, u gasak lah.
sizing of trades according to r is one fast way to make it...........
play for real, no longer play for fun.
play for real or play for fun no longer about how smart. it is about character and habit.
2019-05-02 17:11
Good one
I reading now
Howard Marks' Mastering The Market Cycle
One of the best brain in it's field
2019-05-02 23:44
I appreciate part (b) and many have failed to choose bcos of self impatient to strike as the right at the right stocks to own up . As big time investors you really look different from others with your exceptional views that makes your choice of investments with safety of margin .
2019-05-03 02:07
Icon writing and thinking seem to be a bit different these days. Quite interesting.
I actually find myself going through his old comments for some ideas.
2019-05-03 13:58
esos is worth it, once the IPP goes online.
this ALP young ambitious, right idea how to turn a dying pipes company inherited from father into a blue chip.
set backs from the property and construction side, but the war not over yet.
2019-05-03 14:42
osted by 3iii > May 3, 2019 7:26 PM | Report Abuse
>>>
(g) Having said so, you can take a long term view. During low return environment, you can invest anyway—ignoring short-run risk and focusing on the long run. This isn’t irrational, especially if you accept the notion that market timing and tactical asset allocation are difficult.
>>>>
that is in case of mistakes....Icon is not a cut loss guy ( normally)
2019-05-03 19:48
Posted by VenFx > May 3, 2019 7:55 PM | Report Abuse
" wait for the phone to ring "
Learnt from icon8888
=========
share market can lah.....but not in dating.
2019-05-03 20:02
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2019-05-02 06:40