"Cash is fact, earnings are an opinion.”
“A longer time horizon doesn’t guarantee success: Having a long time horizon is the greatest advantage any investor can have. How long? As long as possible. Unfortunately, it is not enough to ensure a positive outcome. Although the impact of swings in sentiment fade with the passage of time, they can still exert a huge influence over periods longer than most of us can bear. A long-term mindset is still our best chance of success. It materially improves the odds, it just doesn’t provide anything close to certainty.”
"The bond market has pulled the handbrake on Trump twice, both with the tariffs and the tax bill.”
"We want to avoid ‘di-worse-ification.’ We want to build portfolios that are greater than the sum of its parts.”