CY2021 - The Year in Quotes

It didn't start out this way intentionally but at Equitable Investors we have developed a habit of kicking off each monthly update of the Dragonfly Fund with a quote that resonated or was reflective of that point in time. We find wisdom, common sense and inspiration in many places - not just in the words of the investment greats. From Ron Barron to Ron Barassi, the words we drew on for the 12 months of calendar 2021 follow.


January 2021
“Stocks that have a well-recognised brand, or a well recognised story have seen unprecedented buying relative to the rest of the market... this leaves an opportunity for investors that are willing to go the extra mile in researching stocks.” 

― Fabiana Fedeli, Fundamental Equities Outlook Q1 2021, Robeco

February 2021
“We should be careful to get out of an experience only the wisdom that is in it and stop there lest we be like the cat that sits down on a hot stove lid. She will never sit down on a hot stove lid again and that is well but also she will never sit down on a cold one anymore”

― Mark Twain

March 2021
"To make money in stocks you must have “the vision to see them, the courage to buy them and the patience to hold them. Patience is the rarest of the three.” 

― Thomas Phelps, 100 to 1 in the Stock Market

April 2021
“The game of life is a lot like football. You have to tackle your problems, block your fears, and score your points when you get the opportunities.”

― Lewis Grizzard, Don't Sit Under The Grits Tree With Anyone Else But Me

May 2021
“We're guessing at our future opportunity cost... But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.” 

― Charlie Munger

June 2021
“There are pockets of what look like appreciable over-valuation and pockets of significant undervaluation... we can find plenty of names to fill our portfolios” 

 ― Bill Miller, Miller Value Partners

July 2021
“Those explorations required skepticism and imagination both. Imagination will often carry us to worlds that never were. But without it, we go nowhere. Skepticism enables us to distinguish fancy from fact, to test our speculations.”

 ― Carl Sagan, Cosmos

August 2021
“If the Chairman of the Federal Reserve with all the data and tools at his disposal couldn’t predict what the ‘market’ would do, it was unlikely others could either. Which made us focus on investing in well managed, competitively advantaged, growth businesses...not the ‘stock market’ ”

 ― Baron Funds founder Ron Baron

September 2021
“There are two ways you can get yourself revved up - fear of failure and love of success. Personally, I like both things to be working in you, the same as you can win a game at one end of the ground and save it at the other.”

 ― Melbourne Football Club legend Ron Barassi.

October 2021
“Many people believe that investors must make the macro decision to be either bullish or bearish. Our preference is to be agnostic, objectively finding absolute bargains... we are neither bullish nor bearish. We are value-ish.”

― Baupost Group founder Seth Klarman

November 2021
“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves... In trying to time the market to sidestep the bears people often miss out on the chance to run with the bulls.”

― former American fund manager Peter Lynch 

December 2021
“Most market commentary is focused on... ‘expiring knowledge’. This is the headline news that fills our screens today, which in five and 10-years’ time we will look back on and realise didn’t actually mean anything from a long-term investment perceptive.”

― Paul Black, WCM Investment Management

Popular posts from this blog

10k Words | August 2022

Feel the Cash Burn as Profit Season Closes (or "In memory of Pocketmail")

Where was the EPS uplift?

Disclaimer

Nothing in this blog constitutes investment advice - or advice in any other field. Neither the information, commentary or any opinion contained in this blog constitutes a solicitation or offer by Equitable Investors Pty Ltd (Equitable Investors) or its affiliates to buy or sell any securities or other financial instruments. Nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

The content of this blog should not be relied upon in making investment decisions.Any decisions based on information contained on this blog are the sole responsibility of the visitor. In exchange for using this blog, the visitor agree to indemnify Equitable Investors and hold Equitable Investors, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to legal fees) arising from your use of this blog, from your violation of these Terms or from any decisions that the visitor makes based on such information.

This blog is for information purposes only and is not intended to be relied upon as a forecast, research or investment advice. The information on this blog does not constitute a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Although this material is based upon information that Equitable Investors considers reliable and endeavours to keep current, Equitable Investors does not assure that this material is accurate, current or complete, and it should not be relied upon as such. Any opinions expressed on this blog may change as subsequent conditions vary.

Equitable Investors does not warrant, either expressly or implied, the accuracy or completeness of the information, text, graphics, links or other items contained on this blog and does not warrant that the functions contained in this blog will be uninterrupted or error-free, that defects will be corrected, or that the blog will be free of viruses or other harmful components.Equitable Investors expressly disclaims all liability for errors and omissions in the materials on this blog and for the use or interpretation by others of information contained on the blog.