‘May you live in interesting times.’ Old Chinese curse.
“Prediction is very difficult…especially if it’s about the future.” Nobel prize-winning physicist Niels Bohr
“You don’t need bonds, until you need them.” Anon
“History doesn’t repeat itself, but it often rhymes.” Mark Twain
“The question isn’t at what age I want to retire, it’s at what income.” George Foreman
“When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened.” Winston Churchill
‘The most treasured asset in investment management is a steady hand at the tiller.’ Robert Arnott. – Founder and CEO of Research Affiliates
As dawn breaks, the morning light reveals yet another political gamble that has not paid off for the dice roller.
“If I have learned anything in my 52 years in this marvellous field, it is that, for a given individual or institution, the emotions of investing have destroyed far more potential investment returns that the economics of investing have ever dreamed of destroying.” John C. Bogle, Founder of the Vanguard
“Human capital should be treated like any other asset class; it has its own risk and return properties and its own correlation with other financial asset classes.” Ibbotson, Milevsky, Chen and Zhu (2007)