OracleofCarolina Posted February 19, 2009 Share Posted February 19, 2009 http://www.mcmadvisors.com/downloads/2008_Annual_Report.pdf I don't think anyone posted this here, fantastic read on the current market and where we may be going from one of Buffett's favorite letters Link to comment Share on other sites More sharing options...
NumquamPerdo Posted February 19, 2009 Share Posted February 19, 2009 Great letter - thanks for sharing! Link to comment Share on other sites More sharing options...
mike_3772 Posted February 19, 2009 Share Posted February 19, 2009 oracle, I agree this is a great letter. I have not heard of him. Did you really hear that Buffett knows and reads his letters? thanks, Mike Link to comment Share on other sites More sharing options...
Guest ericopoly Posted February 19, 2009 Share Posted February 19, 2009 The investor’s ride through time is not on a rocket ship, it’s on a roller coaster, albeit with a long-term 10% upward bias. Is he suggesting the market returns 10% annually long term? Link to comment Share on other sites More sharing options...
mike_3772 Posted February 19, 2009 Share Posted February 19, 2009 ericopoly, I stumbled onto this blog the other day: http://www.behaviorgap.com/outperform-99-of-your-neighbors/ He posed an interesting question. Common wisdom is that the market returns around 10% over the last 80 years. He asks how many years in the 80 did the market return 9 to 11%? The answer is exactly 2 years out of 80. He makes the point that average returns are not "normal" returns. And his main point is that investors do not get anywhere near the average return. Too much chasing what's hot. There is also an update of the Dalbar study in his presentation which is nice. Mike Link to comment Share on other sites More sharing options...
Parsad Posted February 19, 2009 Share Posted February 19, 2009 Wonderful letter! Thanks very much! Link to comment Share on other sites More sharing options...
zarley Posted February 19, 2009 Share Posted February 19, 2009 Agreed. Great letter. I'm not done reading it, but it is insightful and entertaining -- a great combo. This quote from Lincoln I've never heard before: If I had eight hours to chop down a tree, I’d spend six hours sharpening my ax. An excellent thought on being deliberate and prepared. Thanks for sharing. Link to comment Share on other sites More sharing options...
OracleofCarolina Posted February 19, 2009 Author Share Posted February 19, 2009 "For many years I've enjoyed reading Frank Martin's letters. This collection contains much investment wisdom and, just as important, sets a standard for the advisor-client relationship." Warren Buffett This is a quote from their web site Link to comment Share on other sites More sharing options...
mike_3772 Posted February 20, 2009 Share Posted February 20, 2009 Thanks, Oracle. How did I miss this guy with Buffett's seal of approval? I'm going to read his letter again carefully this weekend. Mike Link to comment Share on other sites More sharing options...
vinod1 Posted February 20, 2009 Share Posted February 20, 2009 Thank you. I have not heard of this guy until this post. It is quite a good letter. Vinod Link to comment Share on other sites More sharing options...
netnet Posted February 24, 2009 Share Posted February 24, 2009 This guy is great. A true gem! Link to comment Share on other sites More sharing options...
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