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02-03-2015, 10:31 AM
IMHO it is loaded because
1) He is talking about REALISED loss, unrealised is another matter
2) It is talking about 50 years track which all 3 >1% losses happened in just 2 years of bear market
3) With concentrated bets it is very hard to have realised loss of such small magnitude
4) Opportunity cost is very important. He has repeated said not closing Berkshire Textile was one of his biggest mistakes. He is cash rich now so rotation is not an issue currently. Sold Tesco due to fundamental deterioration which is what value investors should also focus on instead of staying in love.
1) He is talking about REALISED loss, unrealised is another matter
2) It is talking about 50 years track which all 3 >1% losses happened in just 2 years of bear market
3) With concentrated bets it is very hard to have realised loss of such small magnitude
4) Opportunity cost is very important. He has repeated said not closing Berkshire Textile was one of his biggest mistakes. He is cash rich now so rotation is not an issue currently. Sold Tesco due to fundamental deterioration which is what value investors should also focus on instead of staying in love.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
Think Asset-Business-Structure (ABS)