Time Horizon

 Time Horizon What do we do about short termism? ‘Fan the flames’ & pray it never goes away Markets are not remotely efficient Price assets for near-term prospects If market doesn’t care about years 3+ Then that is what we will focus on Account for the c.90% of value asset Glorious opportunity for those with patience Cycles pay out over years, not quarters

Cutting out the Noise

Cutting out the noise “Nothing tells in the long run like good judgment, and no sound judgment can remain with the man whose mind is disturbed by the mercurial changes of the Stock Exchange. It places him under an influence akin to intoxication. What is not, he sees, and what sees, is not. He cannot judge of relative values or get the true perspective of things. The molehill seems to…