Adjusting the Sails
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” —William Arthur Ward
Stock markets were up for the third week in a row. The S&P 500 gained 2.2% and the Nasdaq rose 2.4%.
As we approach a holiday-shortened Thanksgiving week, it’s a good time to remember to be thankful for the flexibility one has when investing one’s money. We can buy stocks, bonds, options, meme stocks (preferably not), things that go up, or things that go down.
We can invest in this manager or that manager or do it all ourselves.
We can move our money where we think it’ll earn the highest return. Or the safest return. Or wherever we feel like moving it.
We can adjust the sails to our estimate of expected returns—or our mood.
But the best investors keep their ideology out of their investment decisions. They keep learning—because the world constantly changes in ways one couldn’t have predicted a decade or two ago.
“Avoiding pitfalls and identifying and acting on error aren’t susceptible to rules, algorithms or roadmaps. What I would urge is awareness, flexibility, adaptability and a mind-set that is focused on taking cues from the environment.” —Howard Marks
Tweets of the Week
In Case You Missed it…
Broyhill’s 2023.Q3 Quarterly Letter
Conviction: Arrogance, Indispensable, or Both? - by Todd Wenning
Mohnish Pabrai’s Q&A at Mendoza College of Business (video)
Invest Like the Best Podcast: Brad Jacobs - Think Big and Move Fast
Founders Podcast:#327 Ted Turner
The Security Analysis Podcast: Peter Cundill: An Investing Book Discussion
The Meb Faber Show Podcast: Whatcha Waiting For?
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