An hour of deliberate practice or concentrated practice is worth five hours of foot dragging - Bloomberg
The key words is calibrate - Howard Marks
Investing is not black and white, in or out, risky or safe. The key word is calibrate. The amount that you have invested. Your allocation of capital among the various possibilities. The riskiness of the things you own. All these should be calibrated along a continuum that runs from aggressive to defensive.
Sunday, October 29, 2017
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