25 books
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Our goal is more modest: We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
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This focus on the short term is hard to reconcile with any fundamental view of investing. We can examine the drivers of equity returns to see what we need to understand in order to invest. At a one-year time horizon, the vast majority of your total return comes from changes in valuation—which are effectively random fluctuations in price. However, at a five-year time horizon, 80 percent of your total return is generated by the price you pay for the investment plus the growth in the underlying cas
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― The Little Book of Behavioral Investing: How not to be your own worst enemy
― The Little Book of Behavioral Investing: How not to be your own worst enemy
