CY2021 - The Year in Quotes
23 January 2022
It didn't start out this way intentionally but at Equitable Investors we have developed a habit of kicking off each monthly update of the Dragonfly Fund with a quote that resonated or was reflective of that point in time. We find wisdom, common sense and inspiration in many places - not just in the words of the investment greats. From Ron Barron to ron Barassi, the words we drew on for the 12 months of calendar 2021 follow.
"Stocks that have a well-recognised brand, or a well recognised story have seen unprecedented buying relative to the rest of the market... this leaves an opportunity for investors that are willing to go the extra mile in researching stocks."
― Fabiana Fedeli, Fundamental Equities Outlook Q1 2021, Robeco
"We should be careful to get out of an experience only the wisdom that is in it and stop there lest we be like the cat that sits down on a hot stove lid. She will never sit down on a hot stove lid again and that is well but also she will never sit down on a cold one anymore"
― Mark Twain
"To make money in stocks you must have "the vision to see them, the courage to buy them and the patience to hold them. Patience is the rarest of the three."
― Thomas Phelps, 100 to 1 in the Stock Market
"The game of life is a lot like football. You have to tackle your problems, block your fears, and score your points when you get the opportunities."
― Lewis Grizzard, Don't Sit Under The Grits Tree With Anyone Else But Me
"We're guessing at our future opportunity cost... But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs."
― Charlie Munger
"There are pockets of what look like appreciable over-valuation and pockets of significant undervaluation... we can find plenty of names to fill our portfolios"
― Bill Miller, Miller Value Partners
"Those explorations required skepticism and imagination both. Imagination will often carry us to worlds that never were. But without it, we go nowhere. Skepticism enables us to distinguish fancy from fact, to test our speculations."
― Carl Sagan, Cosmos
"If the Chairman of the Federal Reserve with all the data and tools at his disposal couldn't predict what the 'market' would do, it was unlikely others could either. Which made us focus on investing in well managed, competitively advantaged, growth businesses...not the 'stock market' "
― Baron Funds founder Ron Baron
"There are two ways you can get yourself revved up - fear of failure and love of success. Personally, I like both things to be working in you, the same as you can win a game at one end of the ground and save it at the other."
― Melbourne Football Club legend Ron Barassi.
"Many people believe that investors must make the macro decision to be either bullish or bearish. Our preference is to be agnostic, objectively finding absolute bargains... we are neither bullish nor bearish. We are value-ish."
― Baupost Group founder Seth Klarman
"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves... In trying to time the market to sidestep the bears people often miss out on the chance to run with the bulls."
― former American fund manager Peter Lynch
"Most market commentary is focused on... 'expiring knowledge'. This is the headline news that fills our screens today, which in five and 10-years' time we will look back on and realise didn't actually mean anything from a long-term investment perceptive."
― Paul Black, WCM Investment Management
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