This discussion was one of the best hours I have spent, listening to wisdom personified in Mr Swedroe. I will be reading more from him - I ordered his book about factor investing while still listening to the discussion.

@ExcessReturns

Жыл бұрын

Very nice, thank you and glad you found it valuable. Seeing a spike in Larry's book sales as we speak. ;-)

The only stock investing interview you will ever need.

Absolutely FASCINATING hour of listening! I have been investing for decades..but have only "stumbled" upon Larry Swedroe, and his work; recently. He offers perspectives, that I haven't heard from ANY others in the "who's who" of the investing world! Wish I'd discovered him MUCH sooner..and it is ASTONISHING, that he is not more widely interviewed or quoted!

@ExcessReturns

Жыл бұрын

Thanks so much James. You can get more on Larry on places like Seeking Alpha, Alpha Architect and Advisor Perspectives. He publishes on all three of those places.

Good episode. It isn't just Wall Street derivatives, hidden fees and other dubious products small investors have to worry about, there are also a variety of grifters and scam artists of all sorts on social media and some who purchase advertisement in "free" investment newsletters that help keep the lights on for the publishers. One such grifter was recently ordered by the courts to reimburse 53 M to his victims. On the information not being the same as knowledge, it's very difficult to know how much weight to give any piece of information about a potential investment. People also tend to give more weight often undeservedly to a fresh piece of information. More information can sometimes confuse the issue causing analysis paralysis. Perhaps it's best to pick an investment where all indicators show one thing ? Then there's the idiom that if you can't spot the patsy at the poker table, the patsy is probably yourself. Larry's point on how people ignore Buffett's advice much of it are how Buffett will often do arbitrage of human behavior. Bernard Baruch who was a very successful investor in the early 1900's had a checklist to himself because he fell victim of mistakes of human behavior even though he was intelligent enough to recognize they were mistakes. Some of these rules included a margin of safety, not to be stubborn when we make mistakes cutting losses early. One was to beware of tips something Rockefeller took as a signal to get out of the market in 1929. One was similar to Buffett's rule to stay within one's circle of competence: "Don’t try to be a jack of all investments. Stick to the field you know best.". These list he wrote to himself to check his own behavior had much in common with the Buffett behavioral rules: novelinvestor.com/bernard-baruchs-investing-rules/

Video starts at 4:00 if you want to skip the "intro".

C H I E F W I G G U M 😆🤣