The Uncommon Investor III: How to Earn Superior Returns in the Stock Market Despite Everything

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Omit any one and the result is likely to be less than satisfactory. To me, risk is the most interesting, challenging and essential aspect of investing. First-level thinkers look for simple formulas and easy answers.

Second-level thinkers know that success in investing is the antithesis of simple. Most people are driven by greed, fear, envy, and other emotions that render objectivity impossible and open the door for significant mistakes. Inefficient markets do not necessarily give the participants generous returns.


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Rather, in my view that they provide the raw materials — mispricings — that can allow some people to win and others to lose on the basis of differential skill. Let others believe markets can never be beat.

Investors with no knowledge of or concern for profits, dividends, valuation, or the conduct of business simply cannot possess the resolve needed to do the right thing at the right time. Establishing a healthy relationship between fundamentals — value — and price is at the core of successful investing.

Investor psychology can cause a security to be priced just about anywhere in the short run, regardless of its fundamentals. Investing is a popularity contest, and the most dangerous thing is to buy something at the peak of its popularity. The safest and most potentially profitable thing is to buy something when no one likes it.

All bubbles start with some nugget of truth.

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Valuation eventually comes into play, and those who are holding the bag when it does have to face the music. Risk means more things can happen than will happen. The possibility of permanent loss is the risk I worry about. Skillful investors can get a sense for the risk present in a given situation. They make that judgement based on a the stability and dependability of value and b the relationship between price and value.


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  • Return alone—and especially return over short periods of time—says very little about the quality of investment decisions. Recognizing risk often starts with understanding when investors are paying it too little heed. The value investor thinks of high risk and low prospective returns as nothing but two sides of the same coin, both stemming primarily from high prices. Awareness of the relationship between price and value—whether for a single security or an entire market — is an essential component of dealing successfully with risk.

    So a prime element in risk creation is a belief that risk is low, perhaps even gone altogether. That belief drives up prices and leads to the embrace of risky actions despite the lowness of prospective returns. The degree of risk present in a market derives from the behavior of the participants, not from securities, strategies, and institutions. When worry is in short supply, risky borrowers and questionable schemes will have easy access to capital, and the financial system will become precarious. Too much money will chase the risky and the new, driving up asset prices and driving down prospective returns and safety.

    Refresh and try again. Open Preview See a Problem? Thanks for telling us about the problem. Return to Book Page. Benj Gallander has among the highest short- and long-term returns in North America. Author of the best-selling The Uncommon Investor and The Uncommon Entrepreneur, co-editor of Contra the Heard Investment Letter, and investment columnist for national newspapers and magazines, Gallander's approach to the stock market has the investment world buzzing.

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    The Uncommon Investor III: How to Earn Superior Returns in the Stock Market Despite Everything

    Tyler rated it it was ok Jul 15, John rated it it was ok Sep 12, Rachael rated it liked it Mar 21, Kurt Colling rated it really liked it Jul 07, Carol Byrne rated it it was amazing Sep 03, Lisa Ann marked it as to-read Jun 06, Author of the best-selling "The Uncommon Investor" and "The Uncommon Entrepreneur", co-editor of Contra the Heard Investment Letter, and investment columnist for national newspapers and magazines, Gallander's approach to the stock market has the investment world buzzing.

    Standing fast to his decidedly contrarian position, Gallander does not believe in buying and holding stock in perpetuity, and he thinks that stop-losses are idiotic, like playing cards with an open hand. Instead Gallander has redefined conventional norms of the risk-reward relationship: