Quote of the Day: The cheese keeps moving...

Every now and again a client will inquire as to why we sold a position that had been performing well, or kept, or added, one that stinks (or, say, has been stinking).

Well, speaking of stinking, Terry Burnham, in his 2005 book Mean Markets and Lizard Brains, (HT Kirpatrick and Dahlquist) speaks to the stinky thinking that explains much of why individual investors tend to struggle in the markets:

“In a world without change, the best way to find cheese is to return to the location where it was found previously. In a world with change, however, the best way to find cheese is to look somewhere new”