“Individuals who cannot master their emotions are ill-suited to profit from the investment process.”—Benjamin Graham
These famous words from the father of value investing seemed to ring true more than ever in 2012. We’ll revisit this later in more detail, but first, a summary of what transpired in the financial markets last year and then some thoughts on the year ahead.
Written by Andrew J. Fama on Thursday, 03 January 2013. Posted in 2012
“Never read predictions, especially about the future” —Casey Stengel, legendary Mets manager
As we enter October, we’re now three quarters through a surprising 2012. In this letter, I hope to offer some insight into this year’s performance thus far, and what we might expect going forward. In that vein, I’ve decided to take some lines from a legendary investment guru who passed away earlier this year after 40 years in the industry—Barton Biggs. Before we get into his views, here’s a summary of 2012 to date.
Written by Andrew J. Fama on Thursday, 04 October 2012. Posted in 2012