On this episode, Mark talks about:

  • Maintain reasonable expectations
  • Black swan events: things that are unpredictable and out of any controls
  • You should view investing as a process
  • Bitcoin:
    • Crypto currency
  • Paper gains mean nothing
    • Only matters when you sell
    • Selling should be a process just as buying is a process
  • Why do money managers have bad years?
    • Stick to a process
  • SMA
    • Your money is not commingled with other peoples money (mutual funds, ETFs)
  • DOW jones is a price weighted index
  • Stick to a buy and sell discipline
    • When do you buy or sell?
  • ASK how the money is managed
  • Great businesses do not always reflect it in their stock price
  • Fixed income, gold and silver are horrible investments
  • Bonds and the price of bonds can be very volatile
    • The economy is heating up, tax cuts have come
  • A “melt up”in the stock market when the market becomes fully valued
    • When everyone sells bonds and buys stocks
  • You must remain unemotional and stick your process

January 17. 2018