Was reading Howard Marks's excellent, and accessible (I recommend it) book The Most Important Thing Illuminated over the weekend, and I'm thinking the quote below is timely:
Emphasis mine...
Emphasis mine...
"...since many of the best investors stick most strongly to their approach—and since no approach will work all the time—the best investors can have some of the greatest periods of underperformance. Specifically, in crazy times, disciplined investors willingly accept the risk of not taking enough risk to keep up. (See Warren Buffett and Julian Robertson in 1999. That year, underperformance was a badge of courage because it denoted a refusal to participate in the tech bubble.)"
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