Tap a claim on the ring to put it at the centre.
← A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet.
17 connected korrents · 16 moments from 3 Sept 1888 to 22 Sept 2026.
Everything filed under value investing
value investing
Everything filed under investing
investing
Everything filed under management
management
Everything filed under courage
courage
Everything filed under documentation
documentation
Everything filed under stock market
stock market Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet. A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet. Last stated 2 months ago
25 Aug 2026
NM
Nick Maggiulli — holds since 2026-08-25 — tap for who they are
Same subject: Risk can be reduced without reducing returns by structuring bets in a more diversified way. — tap to centre the map on it Risk can be reduced without reducing returns by structuring bets in a more diversified way. Last stated 4 years ago
27 Sept 2022
RD
Ray Dalio — holds since 2022-09-27 — tap for who they are
Same subject: The wise bet heavily when the world offers them the odds, and not the rest of the time — tap to centre the map on it The wise bet heavily when the world offers them the odds, and not the rest of the time
CM
Charlie Munger — holds since c. 1994 — tap for who they are
Same subject: A portfolio shows that a person's work is visible, not that they are skilled. — tap to centre the map on it A portfolio shows that a person's work is visible, not that they are skilled. Last stated 5 months ago
26 May 2026
CB
Carlos Alexandro Becker — holds since 2026-05-26 — tap for who they are
Same subject: Losing money periodically is a normal part of owning stocks, not a sign that something has gone wrong. — tap to centre the map on it Losing money periodically is a normal part of owning stocks, not a sign that something has gone wrong. Last stated 2 months ago
27 Aug 2026
BC
Ben Carlson — holds since 2026-08-27 — tap for who they are
Same subject: Bonds are not risk-free, and bond portfolios can suffer major drawdowns. — tap to centre the map on it Bonds are not risk-free, and bond portfolios can suffer major drawdowns. Last stated 2 months ago
19 Aug 2026
MF
Meb Faber — holds since 2026-08-19 — tap for who they are
Same subject: Risk is best defined as whatever could keep a person from their own goals, so stock-market volatility is a risk for a day trader and not for someone retiring in fifty years. — tap to centre the map on it Risk is best defined as whatever could keep a person from their own goals, so stock-market volatility is a risk for a day trader and not for someone retiring in fifty years. Last stated 2 years ago
28 May 2024
MH
Morgan Housel — holds since 2024-05-28 — tap for who they are
Same subject: Nobody should take on a concentrated, illiquid asset that is correlated with their main source of income, because that same risk is why outsized rewards exist in the first place. — tap to centre the map on it Nobody should take on a concentrated, illiquid asset that is correlated with their main source of income, because that same risk is why outsized rewards exist in the first place. Last stated 4 weeks ago
22 Sept 2026
NM
Nick Maggiulli — holds since 2026-09-22 — tap for who they are
Same subject: An investor's starting point should be the portfolio that is best to hold independent of any tactical market view — tap to centre the map on it An investor's starting point should be the portfolio that is best to hold independent of any tactical market view Last stated 2 months ago
25 Aug 2026
RD
Ray Dalio — holds since 2026-02-19 — tap for who they are
NM
Nick Maggiulli — holds since 2026-08-25 — tap for who they are
Same subject: A company priced in the trillions is not thereby overpriced; the test is what revenues and margins that price actually requires. — tap to centre the map on it A company priced in the trillions is not thereby overpriced; the test is what revenues and margins that price actually requires. Last stated 11 months ago
3 Dec 2025
AD
Aswath Damodaran — holds since 2025-12-03 — tap for who they are
Same subject: A margin of safety means paying a discount deep enough that being wrong about what a company is worth still leaves you whole. — tap to centre the map on it A margin of safety means paying a discount deep enough that being wrong about what a company is worth still leaves you whole. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: All genuinely intelligent investing is, by nature, sustainable investing. — tap to centre the map on it All genuinely intelligent investing is, by nature, sustainable investing. Last stated a year ago
2 Jun 2025
GS
Guy Spier — holds since 2025-06-02 — tap for who they are
Same subject: The best time to invest is when professional money managers are too fearful to act and the public is gripped by fear and anger. — tap to centre the map on it The best time to invest is when professional money managers are too fearful to act and the public is gripped by fear and anger. Last stated 10 months ago
10 Dec 2025
JZ
Jason Zweig — holds since 2025-12-10 — tap for who they are
Same subject: A person should not play the coward to their own deeds by repudiating them once done; pangs of conscience are indecent. — tap to centre the map on it A person should not play the coward to their own deeds by repudiating them once done; pangs of conscience are indecent. Last stated 138 years ago
3 Sept 1888
FN
Friedrich Nietzsche — holds since 1888-09-03 — tap for who they are
Same subject: A society that intensely values intelligence is unprecedented in human history; the Bible, Homer and other ancient texts value strength, courage and beauty instead. — tap to centre the map on it A society that intensely values intelligence is unprecedented in human history; the Bible, Homer and other ancient texts value strength, courage and beauty instead. Last stated 5 months ago
8 May 2026
DR
David Reich — holds since 2026-05-08 — tap for who they are
Same subject: Incentives drive all human behaviour, which makes a management team's incentives central to valuing a company. — tap to centre the map on it Incentives drive all human behaviour, which makes a management team's incentives central to valuing a company. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: "Hire great people and get out of their way" is dangerous advice for anyone in a leadership role. — tap to centre the map on it "Hire great people and get out of their way" is dangerous advice for anyone in a leadership role. Last stated 2 years ago
17 Dec 2024
CM
Charity Majors — holds since 2024-12-17 — tap for who they are
Same subject: A career goes better attached to the part of a business that brings the money in than to a cost centre, whatever the work itself is. — tap to centre the map on it A career goes better attached to the part of a business that brings the money in than to a cost centre, whatever the work itself is. Last stated 15 years ago
28 Oct 2011
PM
Patrick McKenzie — holds since 2011-10-28 — tap for who they are
At the centre
A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet.
Holds Read this korrent →
Risk can be reduced without reducing returns by structuring bets in a more diversified way.
Holds
The wise bet heavily when the world offers them the odds, and not the rest of the time
Last stated c. 1994
Holds
A portfolio shows that a person's work is visible, not that they are skilled.
Holds
Losing money periodically is a normal part of owning stocks, not a sign that something has gone wrong.
Holds
Bonds are not risk-free, and bond portfolios can suffer major drawdowns.
Holds
Risk is best defined as whatever could keep a person from their own goals, so stock-market volatility is a risk for a day trader and not for someone retiring in fifty years.
Holds
Nobody should take on a concentrated, illiquid asset that is correlated with their main source of income, because that same risk is why outsized rewards exist in the first place.
Holds
An investor's starting point should be the portfolio that is best to hold independent of any tactical market view
Holds
A company priced in the trillions is not thereby overpriced; the test is what revenues and margins that price actually requires.
Holds
A margin of safety means paying a discount deep enough that being wrong about what a company is worth still leaves you whole.
Holds
All genuinely intelligent investing is, by nature, sustainable investing.
Holds
The best time to invest is when professional money managers are too fearful to act and the public is gripped by fear and anger.
Holds
A person should not play the coward to their own deeds by repudiating them once done; pangs of conscience are indecent.
Holds
A society that intensely values intelligence is unprecedented in human history; the Bible, Homer and other ancient texts value strength, courage and beauty instead.
Holds
Incentives drive all human behaviour, which makes a management team's incentives central to valuing a company.
Holds
"Hire great people and get out of their way" is dangerous advice for anyone in a leadership role.
Holds
A career goes better attached to the part of a business that brings the money in than to a cost centre, whatever the work itself is.
Holds