JP Morgan once was asked his opinion on stock prices, and he famously replied, “They will fluctuate.” But US stocks haven't experienced even a 10% correction in 3 years. That’s unusual but not unheard of.
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Last week the Boston Globe ran an article with this headline: An Easy Year for Investors, 2014 to be More Difficult. Really? We all accept how difficult it is to predict markets, not that pundits don’t keep trying, but how difficult can it be to recount the past accurately?
These are notes from the book I wish I’d written. It pretty much says it all. The path of the author, Gordon Murray, mirrors my own high-flying experience on Wall Street and subsequent epiphany about the right way for individual investors to find investment success.
William Bernstein applies Ben Graham's concepts to the subject of asset allocation -- the key to risk management and long-term investment success.