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jerryking : market_corrections   2

My top 5 investing lessons after 30 years as an economist
September 25th | The Globe and Mail | DAVID ROSENBERG.

After 30 years of experience as a Street economist, you pick up a lot of learning lessons – especially from the mistakes made along the way. Here are my top five below:

* Don’t put all your eggs in one basket (concentrated portfolios but diversified geographically and across the asset classes);
* There is no such thing as a sure thing (the forecast is just a base case across a continuum of possibilities across a distribution curve);
* Marry your partner, not your forecast – it may not love you back (what gets economists into trouble is lack of humility; admitting you’re wrong is never easy);
* If you don’t have a Plan B, you don’t have a plan. If you are wrong, it is imperative to know in what direction – and delineate the new course of action;
* Anything that can’t last forever, won’t last forever.
concentration_risk  economists  investing  lessons_learned  Plan_B  diversification  Bay_Street  Wall_Street  market_corrections  bear_markets  mistakes  forecasting  economic_cycles  beyondtheU.S.  Gluskin_Sheff  David_Rosenberg  probabilities  humility  contingency_planning  never_forever  asset_classes 
september 2017 by jerryking
Don't Just Do Something! -
January 25, 2008

Markets are a discovery process, with firms and investors learning as they try new ideas and react to changed conditions. What markets need is a stable regulatory environment, in which every dip in the market doesn't produce a new set of rules.
banking  banks  business_models  David_Wessel  discoveries  letters_to_the_editor  rules_of_the_game  markets  market_corrections  regulations 
june 2012 by jerryking

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