The Most Important Thing Is … Having a Sense for Where We Stand
The Most Important Thing Is … Having a Sense for Where We Stand
This chapter examines an important requirement for successful investing: having a sense for where the investor stands. Market cycles pose a daunting challenge to investors because their ups and downs are inevitable, they will profoundly influence investor performance, and their extent and timing are unpredictable. In this case, the investor should just try to figure out where they stand in terms of each cycle and what that implies for their actions. The essential ingredient here is inference; the investor must strive to understand the implications of what is going on around them. This chapter presents a simple exercise that might help investors gauge the temperature of future securities markets. Comments and insights from four renowned investors and investment educators are also presented at the end.
Keywords: market cycles, investors, inference, securities markets, investment
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