Four pillars on the Town
When we try to pick out anything by itself we find it hitched to everything else in the universe. - John Muir
The discussion of yield inversion has subsided. Earnings are coming in. Reading Barrons. And hearing Master of Business, where guest William Bernstein, a neurologist who got into investment as a hobby and become an investment specialist, financial author and historian. Bernstein says reading magazines to find out about finance is useless (Quotes Bernard Baruch: “Things that everybody knows isn’t worth anything.”) Well let’s look at what everybody knows this week.”
The market got back to where it was. But doesn’t seem to be moving further. Japanese bonds are touted, as they have (wrongly) so many times before. Negative interest rates overseas auger concern. Low-volatility stock funds are on the upswing. Others funds seek defensive growth. Suggested is short term treasury bills that pay as much as the 10 year noted. Goldman recommends stocks with growing dividends.
Back to Bernstein (William): The four pillars are not signals, they are more like tenets -
1-Understand the theory of investing;
2-know the history of investing;
3-learn about the psychology of investing
4-Realize that there is a business built up around investing.
Listen to William Bernstein Discusses Neurology and from Masters in Business in Podcasts. https://podcasts.apple.com/us/podcast/masters-in-business/id730188152?i=1000435252450
Read Barrons take on Defensive Havens
https://www.barrons.com/articles/stocks-near-highs-defensive-havens-risk-missing-out-
https://www.amazon.com/Four-Pillars-Investing-Building-Portfolio-ebook/dp/B0041842TW
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