12-15-2021, 11:57 AM
"In my view, the greatest way to optimize the positioning of a portfolio at a given point in time is through
deciding what balance it should strike between aggressiveness and defensiveness. And I believe the
aggressiveness/defensiveness balance should be adjusted over time in response to changes in the state
of the investment environment and where a number of elements stand in their cycles.
The key word is “calibrate.” The amount you have invested, your allocation of capital among the various
possibilities, and the riskiness of the things you own all should be calibrated along a continuum that runs
from aggressive to defensive. When we’re getting value cheap, we should be aggressive; when we’re getting
value expensive, we should pull back". - Howard Marks (Mastering The Market Cycle)
Others Mileage may vary (and usually does)
- Scoot
If you can't pay it back, Pay it forward when you can.
fight your fights,
find the grace,
in all the things that you can't change,
and help somebody if you can - Van Zant
deciding what balance it should strike between aggressiveness and defensiveness. And I believe the
aggressiveness/defensiveness balance should be adjusted over time in response to changes in the state
of the investment environment and where a number of elements stand in their cycles.
The key word is “calibrate.” The amount you have invested, your allocation of capital among the various
possibilities, and the riskiness of the things you own all should be calibrated along a continuum that runs
from aggressive to defensive. When we’re getting value cheap, we should be aggressive; when we’re getting
value expensive, we should pull back". - Howard Marks (Mastering The Market Cycle)
Others Mileage may vary (and usually does)
- Scoot
If you can't pay it back, Pay it forward when you can.
fight your fights,
find the grace,
in all the things that you can't change,
and help somebody if you can - Van Zant