Kass has said all these things before. They are worth repeating. He is worth reading even when you pay so much for the site, promoney@thestreet.com and realmoney@thestreet.com.
Lessons Learned Over the Years
“I’m astounded by people who want to ‘know’ the universe when it’s hard enough to find your way around Chinatown.”
— Woody Allen
There are five core lessons I have learned over the course of my investing career that form the foundation of my annual surprise lists:
- how wrong conventional wisdom can consistently be;
- that uncertainty will persist;
- to expect the unexpected;
- that the occurrence of Black Swan events are growing in frequency; and
- with rapidly changing conditions, investors can’t change the direction of the wind, but we can adjust our sails (and our portfolios) in an attempt to reach our destination of good investment returns.
Consensus Is Often Wrong
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