Written in 1975, Charles D Ellis, explores the modern day money manager. His conclusions are fascinating, focusing on four key areas:
- Be sure you are playing your own game – “impose upon the enemy the time and place and conditions for fighting preferred by oneself”
- Keep it simple – “Play the shot you’ve got the greatest chance of playing well”
- Concentrate on your defences
- Don’t take it personally
The seventies were a difficult time for everyone but value investing is about looking for long term value even if this means not following the crowd. The recent investment by Warren Buffett in the Bank of America is a prime example of this. Enjoy.
NOTE: This is written in a personal capacity and reflects the view of the author. It does not necessarily reflect the view of LWM Consultants. The post has been checked and approved to ensure that it is both accurate and not misleading. However, this is a blog and the reader should accept that by its very nature many of the points are subjective and opinions of the author. This is not a recommendation to buy any product or service including any share or fund mentioned. Individuals wishing to buy any product or service as a result of this blog must seek advice or carry out their own research before making any decision, the author will not be held liable for decisions made as a result of this blog (particularly where no advice has been sought). Investors should also note that past performance is not a guide to future performance and investments can fall as well as rise.