If the US market appears cheap when viewed through your moment in time P/E filter, then perhaps it’s time to change your filter.

You can’t see the future through a rearview mirror.

It’s not hard to find a good LIC which consistently beats the market and trades and a discount to NAV.

How much does profit does it take to recover from a loss?

From the perspective of mean reversion, fat tails help to create some of the best opportunities. That is to say, fat tails often create fat pitches.

Look at companies as businesses with opportunities and risks and try to understand why their solvency, liquidity, profitability, valuation and activity ratios are as they are. To do that you need the story.

Sectors in my portfolio and predictions.

Po Valley consistently over-promise and under-deliver, how safe are their cash flows?

“my opinion was that the market was more likely to go up…, but that it was preferable to short it…, because, in the event of its going down, it could go down a lot.”

“The stock market is a no-called-strike game. You don’t have to swing at everything–you can wait for your pitch.”