Most fund managers look to next quarter or next year, is because their clientele demands yearly gains. Failing that, fund managers best have their excuses ready. I'm quoting a fund manager: "As a fund manager, I cannot afford NOT to be invested in Nvidia".
Since fund managers manage a lot of capital, I suspect this is the primary reason why the short term is the dominant driver of markets.
One of the many reasons I like HYL is the alignment of values with those of Buffet, Graham, Munger and many other value investors. That's the type of investor I aspire to be. HYL helps greatly to identify attractive opportunities in the REIT sector, which I could not do on my own.
Most fund managers look to next quarter or next year, is because their clientele demands yearly gains. Failing that, fund managers best have their excuses ready. I'm quoting a fund manager: "As a fund manager, I cannot afford NOT to be invested in Nvidia".
Since fund managers manage a lot of capital, I suspect this is the primary reason why the short term is the dominant driver of markets.
Thanks for this reminder. It looks like Mr market knows something about ARE one has missed...
Exceptional article Jussi. ARE is a gift to those of us with patience.
One of the many reasons I like HYL is the alignment of values with those of Buffet, Graham, Munger and many other value investors. That's the type of investor I aspire to be. HYL helps greatly to identify attractive opportunities in the REIT sector, which I could not do on my own.