yqsun

A (Long) Chat with Peter L. Bernstein "Maximizing return is a strategy that makes sense only in very specific circumstances. In general, survival is the only road to riches. Let me say that again: Survival is the only road to riches. You should try to maximize return only if losses would not threaten your survival and if you have a compelling future need for the extra gains you might earn. The riskiest moment is when you’re right. That’s when you’re in the most trouble, because you tend to overstay the good decisions. Once you’ve been right for long enough, you don’t even consider reducing your winning positions. They feel so good, you can’t even face that. As incredible as it sounds, that makes you comfortable with not being diversified. So, in many ways, it’s better not to be so right. That’s what diversification is for. It’s an explicit recognition of ignorance."

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The market index appears quite weak. I plan to wait for a 20% drawdown in FFH to around C$1300 before adding more to my position.

Thank you for the write-up! I just attached the comments to the article for non-subscribers to the newspaper. Please click the following link: https://ibb.co/3fGFCGf

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