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“the three stages of a bull market”: the first stage, when only a few unusually perceptive people believe things will get better, the second stage, when most investors realize that improvement is actually taking place, and the third stage, when everyone concludes things will get better forever.”
― Mastering The Market Cycle: Getting the odds on your side
― Mastering The Market Cycle: Getting the odds on your side
“Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price, and no new buyers are left to emerge.”
― The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor
― The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor
“There’s a big difference between probability and outcome. Probable things fail to happen—and improbable things happen—all the time.” That’s one of the most important things you can know about investment risk.”
― The Most Important Thing: Uncommon Sense for the Thoughtful Investor
― The Most Important Thing: Uncommon Sense for the Thoughtful Investor
“Investment success doesn’t come from “buying good things,” but rather from “buying things well.”
― The Most Important Thing: Uncommon Sense for the Thoughtful Investor
― The Most Important Thing: Uncommon Sense for the Thoughtful Investor
“Buying something for less than its value. In my opinion, this is what it’s all about—the most dependable way to make money. Buying at a discount from intrinsic value and having the asset’s price move toward its value doesn’t require serendipity; it just requires that market participants wake up to reality. When the market’s functioning properly, value exerts a magnetic pull on price.”
― The Most Important Thing: Uncommon Sense for the Thoughtful Investor
― The Most Important Thing: Uncommon Sense for the Thoughtful Investor
Kong’s 2025 Year in Books
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