Here’s a trip which we didn’t plan at all when we were staying in Vancouver. We got lost and we [もっと読む…] about Luxury Homes in Vancouver, Canada Near the Beach
the
Waiting for Sunset by the Beach in Vancouver, BC, Canada
This a nice thing to do after a long day of touring the city. We’re waiting for sunset at Marina [もっと読む…] about Waiting for Sunset by the Beach in Vancouver, BC, Canada
A Tour Inside the Orpheum Theater in Vancouver
We lucky to have a chance to go inside the Orpheum Theater when we visited Vancouver, Canada. There was a [もっと読む…] about A Tour Inside the Orpheum Theater in Vancouver
Popular Tourist Activity in Vancouver – Crossing the Capilano Suspension Bridge
We had fun crossing this suspension bridge at the Capilano Suspension Bridge Park because of the beautiful view of the [もっと読む…] about Popular Tourist Activity in Vancouver – Crossing the Capilano Suspension Bridge
Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing – 書評 / 感想
In a winner’s game, the outcome is determined by the correct actions of the winner.
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 262
Instead of trying to add power to our serve or hit closer to the line to win, we should concentrate on consistently getting the ball back so the other player has “every opportunity” to make a mistake.
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 274
In theory, active investment managers can try to succeed with any or a combination of all of four investment approaches:
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 528
Market timing • Selecting specific stocks or groups of stocks • Making timely changes in portfolio structure or strategy • Developing and implementing a superior, long-term investment concept or philosophy
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 529
You have to be there “when lightning strikes.” That’s why market timing is a truly wicked idea. Don’t try it—ever.
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 582
There are three main components in the average rate of return: • The real risk-free rate of return. • A premium over the risk-free rate of return to offset inflation’s expected erosion of purchasing power. • A premium over the inflation-adjusted risk-free rate of return to compensate investors for accepting market risk.
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 1366
Warning: Performance measurement is least useful when it is needed most—and is needed least when it could be most effective.
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 1752
This is why investment results should be measured over at least one full cycle of up markets and down markets.
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 1804
“Could I be wrong?”
Charles Ellis, Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing, loc. 3044