STREET DOGS: The problem with investing for the short term
From the Nomad Investment Partnership Interim Report, 2002.
“When there is a stock-market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them ... No doubt the stocks you sold will go higher. Pay no attention to this — just wait for the depression which will come sooner or later. When this depression — or panic — becomes a national catastrophe, buy back the stocks. No doubt the stocks will go lower still. Again, pay no attention. Wait for the next boom.” — Fred Schwed Jnr, Where are the Customers Yachts?..