This is a great interview between Howard Marks (Oaktree Capital) and Michael Milken (junk bond fame). It's 56 minutes long but well worth the viewing.
If the link doesn't work, try this: http://www.youtube.com/watch?v=4-uee9RfO6c
Here are some of the standout quotes:
Experience is what you got when you didn't get what you wanted.
There are three stages to a bull market: the first stage when a few bright people realise that things can get better, the second stage when most people realise that improvement is actually taking place and the third stage when everybody and his brother believe that things will get better forever.
The riskiest thing in the world is the belief there is no risk ... risk is perverse ... like in '07 the belief there was no risk is what made the world risky.
It's very important to know what you don't know ... it isn't losing where you thought you were taking risk, it's losing money when you didn't think you were taking risk that really changes behaviour.
We don't have to make a guess about the future in order to figure out how to how to position our portfolios. The tips we get from observing the behaviour of others and inferring what it means - that's enough.
Kristian
hi Kristian,
ReplyDeleteThank you for continuing to post on MPS and i follow it over here in Singapore.
I read there is this Australian resource company LINC opting to delist ASX and then go for listing in SGX.
Last year Mar 2012, there was this ASX unloved stock Cordlife that did delist from ASX and now is in SGX. The original shareholders over in asx must be extremely pleased that their penny share is more than a dollar.
What is your view on LINC? Will it be a very big cigar butt like Cordlife.?
warmest regards
reggas