weekly wrap 27/10/17

"As a money manager, I have frequently looked at an investment decision that I felt had a high probability of success on a three-year horizon, but about which I had many doubts on a six-month time horizon. Institutional investing, as it is structured today, simply makes it more difficult to make a high-conviction, long-term decision … Continue reading weekly wrap 27/10/17

weekly wrap 20/10/17

“You gain more by not being stupid than you do by being smart. Smart gets neutralized by other smart people. Stupid does not.” - Phil Birnbaum   book of the week Shoe Dog, Phil Knight - memoir by the founder of Nike. I found the book extremely difficult to put down, predominantly because you're always waiting … Continue reading weekly wrap 20/10/17

weekly wrap 15/09/17

"Market efficiency depends on the relative proportion of market participants who are making investment decisions with their prefrontal cortexes to the ones relying on their more instinctive faculties, such as fight-or-flight" - Andrew Lo   As you may have guessed from this weeks quote, I've been reading Adaptive Markets recently and I think it's a great synthesis … Continue reading weekly wrap 15/09/17