What matters most is not what invest in, but when and what price.
There is no such thing as a good or bad investment idea per se. For example, the selection of good companies is certainly not enough to assure good results -- see Xerox, Avon, Merck and the rest of the "nifty fifty" in 1974.
Any investments can be good or bad depending on when it's made and what price is paid. It's been said that "any bond can be triple-A at a price"
There is no security that is so good that it can't be overpriced, or so bad that it can't be under priced.
Howard Marks, 1994.
There is no such thing as a good or bad investment idea per se. For example, the selection of good companies is certainly not enough to assure good results -- see Xerox, Avon, Merck and the rest of the "nifty fifty" in 1974.
Any investments can be good or bad depending on when it's made and what price is paid. It's been said that "any bond can be triple-A at a price"
There is no security that is so good that it can't be overpriced, or so bad that it can't be under priced.
Howard Marks, 1994.
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