En resumen, Sabiduría concentrada en pocas palabras.

El mundo de las inversiones está lleno de mentes brillantes, y es especialmente prolífico en cuanto a Citas, ya sean de inversores conocidos, como de personajes de otras industrias o especialidades cuyas dinámicas o enseñanzas puedan ser aplicables a esta industria.

Estas frases suelen encerrar lecciones que superan el test del tiempo, y las encontramos en libros, artículos, etc. Con este post sólo pretendemos compartir algunas de las que habitualmente vamos «recolectando» en nuestro viaje. No son todas, ni siquiera las más importantes (no están ordenadas de ninguna manera, sólo reflejan el orden de nuestras anotaciones), pero son unas cuantas de las que creemos merece la pena compartir y recopilar (seguiremos anotándolas y compartiéndolas):

 

• «It comes down to this: Stories drive price, and price drives fundamentals«. Morgan Housel

 

• «You must not fool yourself, and you are the easiest person to fool.” – Richard Feynman

 

• «We focus on what we know and neglect what we do not know, which makes us overly confident in our beliefs«. Daniel Kahneman

 

• «You don’t know everything you need to know and would be wise to embrace that fact.” Ray Dalio
  

 

• «As a novelist, I tell stories, and people give me money. Then financial planners tell me stories, and I give them money.” Martin Cruz Smith

 

• “Life isn’t about waiting for the storm to pass…It’s about learning to dance in the rain.”Vivian Greene

 

• “Not everything that counts can be counted, and not everything that can be counted counts.” William Bruce Cameron o Albert Einstein (no parece estar clara la autoría).

 

• “You just have to be prepared to be wrong and understand that your ego had better not depend on being proven right. Being wrong is part of the process. Survival is the only road to riches.” Peter Bernstein

 

•  “Successful investing is about having people agree with you … later.” James Grant

 

• «The smarter you are, the better you are at constructing a narrative that supports your beliefs, rationalizing and framing the data to fit your argument or point of view. After all, people in the “spin room” in a political setting are generally pretty smart for a reason«. Annie Duke en Thinking in Bets

 

• «The worst bias an investor can have is the bias they don’t know they have» Jason Zweig.

 

• «Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.» Lao Tzu.

 

• «We have two classes of forecasters: Those who don’t know—and those who don’t know they don’t know«. John Kenneth Galbraith

 

• «Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature.” Bruce Kovner

 

• “Successful investing is having everyone agree with you………..later.” Jim Grant
  

 

• «When we tell our investors to invest for the long run, we have to make sure the short run doesn’t kill them first… Investing for the long run isn’t bad advice, it’s just unrealistic. It doesn’t take into account human behavior«. Andrew Lo

 

• «Madness is rare in individuals, but in groups, parties, nations, it is the rule.” Nietzsche

 

• “One cannot judge a performance in any given field by the results, but by the costs of the alternative (i.e., if history played out in a different way). Such substitute courses of events are called alternative histories. Clearly the quality of a decision cannot be solely judged based on its outcome, but such a point seems to be voiced only by people who fail (those who succeed attribute their success to the quality of their decision).” Nassim Nicholas Taleb

 

• “A higher perception of risk can lower the actual risk by driving prices down. We like the prices that pessimism produces.” Christopher Davis

 

•  “As few as you can, as many as you must.” John Stuart Mill

 

• “It’s more important to know about mistakes sooner than it is to know about successes.” George Bush, neuro-científico en Harvard (no confundir con otro personaje del mismo nombre).

 

• «The Botton Line of All Investing is Rate of Return» Chuck Akre

 

• “The more you can automate your investing, the easier it should be to control your emotions.” Thomas Gilovich, psicólogo de Cornell University.

 

• “All the misfortunes of men come from only one thing: not knowing how to remain at rest in a room.” Blaise Pascal, filósofo francés

 

• «Wealth is like seawater: the more you drink, the thirstier you become.”Arthur Schopenhauer

 

• “The best way to get what you want is to deserve what you want.” Charles Munger

 

• «It’s hard to consistently do the right thing as an investor. But it’s impossible to consistently do the right thing at the right time.» Howard Marks.

 

• «Risk means more things can happen than will happen«. Elroy Dimson

 

• «In investing, as in life, there are very few sure things. Values can evaporate, estimates can be wrong, circumstances can change and “sure things” can fail. However, there are two concepts we can hold to with confidence: Rule number one: most things will prove to be cyclical. Rule number two: some of the greatest opportunities for gain and loss come when other people forget rule number one.” Howard Marks

 

• “What the wise man does in the beginning, the fool does in the end.” Dicho antiguo

 

• “Rising prices are a narcotic that affects the reasoning power up and down the line.” Warren Buffett

 

• «By three methods may we learn wisdom: First, by reflection, which is noblest; second, by imitation, which is easiest; and third by experience, which is the bitterest.«Confucio

 

• «In my nearly fifty years of experience in Wall Street I’ve found that I know less and less about what the stock market is going to do but I know more and more about what investors ought to do; and that’s a pretty vital change in attitude.» Benjamin Graham

 

• «To buy when others are despondently selling and to sell when others are euphorically buying takes the greatest courage, but provides the greatest profit.» John Templeton

 

• «We have two classes of forecasters: Those who don’t know—and those who don’t know they don’t know.» John Kenneth Galbraith

 

• «There are two kinds of people who lose money: those who know nothing and those who know everything.» Henry Kaufman

 

• «It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.» Howard Marks.

 

Próximamente más…

 

Irrational Investors

Disclaimer:

No tenemos posiciones en ninguna acción mencionada, y no planeamos iniciar posiciones dentro de las próximas 72 horas.

Escribimos este artículo nosotros mismos, y expresa nuestras propias opiniones. No recibimos  compensación por ello . No tenemos ninguna relación comercial con ninguna compañía cuyas acciones se mencionan en este artículo.

Las opiniones contenidas en este documento son sólo informativas y educativas y no deben interpretarse como una recomendación para comprar o vender las acciones mencionadas o para solicitar transacciones o clientes. El rendimiento pasado de las compañías discutidas puede no continuar y las compañías pueden no alcanzar el crecimiento de ganancias según lo previsto. La información contenida en este documento se considera adecuada, pero bajo ninguna circunstancia una persona debe actuar sobre la información contenida en el mismo. No recomendamos que cualquier persona actúe sobre cualquier información de inversión sin primero consultar a un asesor de inversiones en cuanto a la idoneidad de tales inversiones para su situación específica.