Invest Rationally, Not Emotionally

I must say it gets a little tiring to always be labeled a “perma bear.” There is no room for “perma anything” in this business, because nothing is permanent. Change is constant. But the fact of the matter is that I am, to a tee, (i) patient, (ii) disciplined, and (iii) I always invest rationally instead of emotionally. I have two philosophies: first, never put all your eggs into one basket; second, there is never a sure thing. Respect the probabilities of all outcomes, set your markers as to when it is time to shift the view (and asset mix), and focus on risk-adjusted returns, not gross returns on their own. Luck is no match for diligence.