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Tag:temperamentClear

The biggest constraint on the returns of a large investor is the investor himself. Most people think they need more information, better models, faster data. But the actual binding constraint is almost always temperament — the ability to hold a variant view, in size, for a long time, while being wrong in ways that are publicly visible.
— Howard Marks, Oaktree Capital Management Memo: 'The Most Important Thing' (2003)

1w ago

The investing world is full of 'smart' people. But intelligence is not the limiting factor. The limiting factor is temperament. You need the temperament to be able to think and act independently.

2mo ago

The big money is not in the buying and selling, but in the waiting. If you have the temperament, you can make a lot of money by sitting on your ass.

3mo ago

The great investors buy when others are fearful, and sell when others are greedy. But the converse is also true—they tend to avoid buying when others are greedy, even if the business is good. Temperament matters more than IQ.

3mo ago

The big money is not in the buying and selling, but in the waiting. Lethargy bordering on sloth should remain the cornerstone of an investment style.

4mo ago

Underscored — save the words that stop you in your tracks.

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