My grandfather gave me this pocket investment booklet a number of years ago, written by Kerr Neilson the founder of Platinum Asset Management, and according to Wikipedia was initially back by George Soros (link).
[munger]
Q2 hedge fund letters, conference, scoops etc
Kerr wrote 25 reflections, and here are my top five in verbatim.
Global Event
Instant communication and easy access to information have turned investing into an open competition.
All can participate and a many great do, so be so be sure to access what edge you bring to the process. edge
Noise Factor
The loudest and the most recent information clouds our judgement – even professionals fall for it.
How do you correctly weight what you see and hear?
Closer Inspection
Ever found yourself misjudging someone on first impressions?
Stocks are the same – take a careful look before you leap to a conclusion.
The Art of Deceit
Politicians are adept to at claiming credit for work done by their predecessors, or even for plain good luck.
Share markets can be deceptive too, with similar consequences – the truth ultimately prevails.
False Comfort
Do you find that your devotion to a share rises with the ascent of its price?
The endorsement of the crowds and confirmation of your wisdom may be pleasing, but don’t let that distract you.
Another one for you.
Buffett is watching you.
I don’t know if Platinum still produces this little red booklet or not.
In a few weeks I should have exciting news to share with you but until then take care.
Adam
Article by Adam Parris, Searching For Value
