Investing in a Voting Machine or a Weighing Machine
(edited transcript) Benjamin Graham has a famous quote that goes something along the lines of, “In the short run, the market is a voting machine.” i.e. very prone to emotion and people’s feelings. “Over time it’s a weighing machine.” There’s going to be a truth mostly about earnings and what that company is or isn’t able to produce in terms of profitability and so, “it’s very understandable” that clients want to try to make sense of the world they live in. I think it can make sense again, more so over time. Trying to look at, what the market may or may not do even to the same kind of data, the market will take good news and go down, or bad news and go up, which doesn’t always make sense. There’s some ways to parse it out, perhaps, but more important, again, is taking that time and energy, “understanding what” you’re trying to achieve. I think it becomes an easier distraction with less personal accountability to focus on that than by saving enough. You know. Am I being too aggressive or too conservative in my portfolio? That’s a tough look-in-the-mirror conversation where this can blame someone else. We’re certainly trying to, not just get people over here but walk alongside them in answering those more personal questions.
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