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jerryking : benjamin_graham   3

Some of the Wisest Words Ever Spoken About Investing - MoneyBeat - WSJ
By JASON ZWEIG
Nov 25, 2016

Investing is often portrayed as a battle between you and the markets. Instead, Graham wrote, “the investor’s chief problem — and even his worst enemy — is likely to be himself.”

Evaluating yourself honestly is at least as important as evaluating your investments accurately. If you don’t force yourself to learn your limits as an investor, then it doesn’t matter how much you learn about the markets: Your emotions will be your undoing....Nobel Laureate Daniel Kahneman with his book Thinking, Fast and Slow.
I’m especially grateful that he taught me this: “The most important question is, ‘What is the base rate?’”....Michael Mauboussin, a strategist at Credit Suisse, has taken that hint and compiled base rates for all sorts of corporate measures, so investors can readily check a company’s projections against reality.....From the economist and investing writer Peter Bernstein, who died in 2009, I learned about Pascal’s wager: You must weigh not only the alluring probabilities of being right, but the dire consequences of being wrong....Finally, Mr. Bernstein never tired of emphasizing that we can never know the future — least of all at the very moments when it seems most certain....Richard Dawkins pointed out in a lecture in 1996, many of us today know more about the world around us than Aristotle, the greatest mind of his age, did more than 2,300 years ago: “Science is cumulative, and we live later.”

Investing knowledge is also cumulative, and we all benefit from those who have already learned — and taught — how it works.
investing  investors  gratitude  Peter_Bernstein  wisdom  economists  Jason_Zweig  ETFs  books  Benjamin_Graham  pretense_of_knowledge  base_rates  Michael_Mauboussin  self-awareness  self-analysis  self-reflective  proclivities  probabilities  Pascal’s_wager  Daniel_Kahneman  delusions  self-delusions  emotions  Achilles’_heel  cumulative  Nobel_Prizes 
november 2016 by jerryking
Rotman students receive crash course in the Brandes way - The Globe and Mail
LUKE KAWA
The Globe and Mail
Published Sunday, Mar. 15 2015

The last book his father gave him before his death, Alan said, was Benjamin Graham’s The Intelligent Investor, which Charles Brandes calls the greatest investing book of all time.
uToronto  Rotman  crossborder  books  San_Diego  value_investing/investors  Benjamin_Graham  fundamental_analysis 
march 2015 by jerryking
Margin of safety
Margin of safety : risk-averse value investing strategies for
the thoughtful investor / Seth A. Klarman.
“ If Benjamin Graham were alive today, he might, at first blush, be more
impressed by the appreciated value of Seth Klarman's book Margin of
Safety, than with the performance of his investment fund ….that's at
first blush. Seth Klarman is a value investor and Portfolio Manager of
the investment partnership The Baupost Group, and when Klarman first
published Margin of Safety it had an original cover price of $25. The
book is now out of print, and today sells on eBay for $1,145 [that was
in 2005]. That's an increase of 4580%.
Baupost  books  investors  investing  Avner_Mandelman  Seth_Klarman  risk-aversion  Benjamin_Graham  value_investing/investors  margin_of_safety 
march 2009 by jerryking

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