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Semiconductores https://t.co/KBwVa8YWY3
$DLG De'Longhi https://t.co/aNYZnThUx3
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"I don't want to have any down years ever. I am in the absolute return business, which over long periods is how everyone should manage money."
The Philosopher - The invisible hands
"Like many other predicted bubbles, they happen or they don't, and the possibilities do not go into my trading thinking. All I really care about is working through the issues that matter at any given moment and trading accordingly."
The Bond Trader - The invisible hands
"The time horizon that the market uses tp look at things changes dramatically over time, depending on the market participants and the prevailing environment."
The Bond Trader - The invisible hands
"I run a macro fund, and I reserve the right to be wrong. My hit ratio is only 50%. I get things wrong, change my mind, and move on."
The Philosopher - The invisible hands
"I trade the most liquid strategy in the most liquid market in the world. Nevertheless, I try to stay at least twice as paranoid as the market."
The Philosopher- The invisible hands
"Although beliefs tend to be driven by fundamentals, people and markets are very slow to fully incorporate macro information, and when they do the results can be overly dramatic."
The Philosopher - The invisible hands
"The uncertain nature of the economic future and our flawed attempts to understand it are a permanent source of market mispricing."
The Philosopher - The invisible hands
"Saying that equities or other risky assets will always deliver high returns in the long term is just incorrect. Price matters. Valuation matters."
The House - The invisible hands
"Addressing over- and undervaluations in the market is difficult, and stepping away from valuation analysis by hiding behind the efficient market hypothesis - which says a tactical asset allocation is impossible - is simply just avoiding the hard work."
Jim Leitner
"We did all this work to fool ourselves into thinking we found the next best manager since Medallion, and we completely missed out on the macro."
CIO at a billion USD university endowment