haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
This is exerpted from 2004 report by money manager Seth Klarman of Baupost Group:
Some argue that holding significant cash is gambling, that being less than fully invested is akin to market timing. But isn't a yes or no decision the crucial one in investing? Where does it say that investing means always buying something, even the best of a bad lot? An investor who can't or won't say no forgoes perhaps the most valuable tool available to investors. Charlie Munger, Warren Buffet's long-time partner, has counseled investors, "Look for more value in terms of discounted future cash flow than you are paying for. Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor."
Sounds like a plan.
Mikey
Some argue that holding significant cash is gambling, that being less than fully invested is akin to market timing. But isn't a yes or no decision the crucial one in investing? Where does it say that investing means always buying something, even the best of a bad lot? An investor who can't or won't say no forgoes perhaps the most valuable tool available to investors. Charlie Munger, Warren Buffet's long-time partner, has counseled investors, "Look for more value in terms of discounted future cash flow than you are paying for. Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor."
Sounds like a plan.
Mikey