Squibs Sample 2018

"It is a terrible mistake for investors with long-term horizons—among them, pension funds, college endowments and savings-minded individuals—to measure their investment “risk” by their portfolio's ratio of bonds to stocks. Often, high-grade bonds in an investment portfolio increase its risk."

—Warren Buffett, 2018 shareholder letter, page 13 (emphasis in the original)

"Investors still do not fully appreciate the magnitude of opportunity cost they have paid to alleviate their fears that 2008 would repeat...Fear has caused 2017 to largely be another year of missed opportunities, and we remain bullish on the global equity markets for 2018 based on our previously stated considerations of improving global profits, significant liquidity, and investors' general hesitancy to embrace equities.”

—Richard Bernstein, “Insights,” December 2017 (emphasis added)

"I don't think I've changed anybody's mind in 40 years. You basically don't change anybody's mind."

—Richard Thaler, Nobel laureate in economics (emphasis added)