Investing is all about buying a flow of earnings at an acceptable price.
The pace of earnings growth is a second-order issue.
Risk is the possible loss of long-term purchasing power.
Volatility of price is not risk. It is the ally of the long-term investor.
The market is NOT ALWAYS efficient. In general it is efficient, but NOT ALWAYS, and this small difference is crucial, enabling us to capitalise on it.
The pace of earnings growth is a second-order issue.
Risk is the possible loss of long-term purchasing power.
Volatility of price is not risk. It is the ally of the long-term investor.
The market is NOT ALWAYS efficient. In general it is efficient, but NOT ALWAYS, and this small difference is crucial, enabling us to capitalise on it.
No comments:
Post a Comment