Read? Short money rules
If we strongly believe the truth of the combination :
3. Good investing is 50% psychology, 48% history, 2% finance.
AND
“Superior investors are people who have a better sense for what tickets are in the bowl, and thus for whether it’s worth participating in the lottery. In other words, while superior investors — like everyone else — don’t know exactly what the future holds, they do have an above-average understanding of future tendencies.”
– Howard Marks, Mastering the Market Cycle
Good investing is 48% history and above-average understanding of future tendencies.
Is that simply mean we should be waiting most of the time for market cycles to turn into opportunities to deploy larger war chest?
4 Great investing is 40% skill, 20% luck, 40% inability to tell which is which.
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