Ken Fisher berättar om hur legendariska investerare har inspirerat honom

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01. so in times when markets get crazy volatile emotional verging on Euphoria or Panic or anything that pulls emotions into the marketplace there's a lot to be said for listening to the wisdom of legendary investment people people who long ago made a big mark on investing for a long time and sometimes people who weren't really part of investing at all but pull from Life those same features which become valuable in markets when I was a boy my father drummed into my head rer Kipling's if poem I don't think I could ever get over that you know it's it's it's to me a fundamental thing to have in your brain for when things get wacky I for a really long time have carried around with me in my binder clip that I keep my credit cards and everything else in in my little pocket here there rard Kipling's if poem right there in my little pocket so that I can pull it out whenever and read it the opening lines of it if you can keep your head when all about you are losing theirs is one of the most important features you can do regards and he wasn't writing about Capital markets the fact is over and over you get these people telling you the truth legendary investor of the most legendary of all time uh Sir John Templeton who was a marvelous human being I got to know him a little bit late very late in his life uh would say the four most dangerous words in the English language are it's different this time and it's always different but it's also never really different all of the features have always been done before in some other similar form that we maybe don't quite fully see it's a great piece of wisdom from John Templeton but there are many others Benjamin Graham himself was a little bit of a odd duck and also he was still around uh in Southern California as an old man when I was very young uh again legendary the father of security analysis and he would say the investors principal problem is likely to be himself how your Investments behave is a lot less crucial than how you behave that's a very hard lesson for people to learn as it comes to Investments because it's self-behavior and self-control in times of emotion that are so critical Peter Lynch in a sarcastic sort of way again a legendary investor that ran Fidelity mellin Fund uh with very high returns for 13 years until he retired said the 13 years that I ran mellin there were nine times when the market was down 10% or more and I had a perfect record I lagged the market every single one of those times the fact of the matter is that being true didn't stop Peter Lynch from beating the market overall during that time and having a spectacular return it's a point that people don't get because going back to Ben Graham's comment he also knew how to control himself and that those things that were going down so much at that point in time would come back that much and more when the market bounced back eventually and he held to his convictions and he did not let his behaviors get changed by the market Behavior fear is an interesting feature in that whenever we have the market do a sharp break or a sustained break either one the fear builds and it motivates people into doing things that hurt themselves selling out at the bottom before the rebound waiting for so-called Clarity we'll talk about that in a minute but Melody Hobson uh president of uh aeriel America's arguably a leading African-American uh own firm uh would say that bravery is not the absence of fear it's overcoming it and the fact of the matter is that goes back to the van Graham line about it's not how your Investments behave it's how you behave you can extend that uh in this way and you know there's so many marvelous quotes from Warren Buffett that I'm not going to begin to Ripple through them in fact I encourage you just to go online and look at Warren Buffett quotes but one that comes to mind is face up to two important facts the future is never clear and you pay a very high price in the market for a cheery consensus but also un certainty is absolutely the friend of the long-term investor so you may or may not know that uh in the 32 and a half years that I wrote for Forbes Magazine on a monthly basis portfolio strategy column I was the longest running columnist in Forbes history uh which slowly I became by outlasting people who had come before me uh I I will have that stature the rest of my life because they stopped running up actual columnists uh in print uh which is why I quit at the end of 2016 but the senior columnist when I was there who I alternated with issue to isue for years was David dreaman who became uh the seventh longest running columnist in the Magazine's history uh and was a investor uh and uh he would say fear sells newspapers but it doesn't make money in the capital markets in the late 19th century early 20th century Bernard baroo uh was a spectacular Trader later he turned himself into a sort of a lesser political Statesman but in his uh Prime days he would say the fundamental problem with uh the stock market is that the information always comes to us through the framework of human emotions and everything that I've been saying to you is about the fact that in times like 2022 how you handle your emotions is more actually important than how you handle your stocks downside creates fear which before too long tends to be replaced with the bounce back that comes eventually but the fear makes so many of us think it will never bounce back or it won't be anything more than a dead decade ahead so I better get out and the fact is it is not the downturn that gets you it's getting out before the rebound that gets you finally one of uh contemporary commentators that I like a lot Michelle Singletary uh likes to say that getting out as I just described before the rebound uh after the market has fallen and then waiting for clarity and getting back in when Clarity comes which of course is after you get to higher prices it's a lot like waiting for the sale to be over at the department store before you go to buy that Jack that you've had your eye on for quite some time it's a nice quote because it's apt it's true stocks are one of the few things that people like them less when they are lower than they do when they're higher whereas they should be the other way around like the more when they've Fallen knowing that they will come back and be higher I encourage you to look for more great quotes from investors and longtime Market commentators because they provide you wisdom that will help you get through tumultuous times like 2022 has been thank you very much for listening to me subscribe to the Fisher investment YouTube channel if you like what you've seen click the Bell to be notified as soon as we publish new videos