本文发表在 rolia.net 枫下论坛<<Bawl street journal>>, 1980
Investing money is a zero sum game. For every winner, there is a loser. We've been losers! If you had sold what we bought, and if you had bought what we sold, you would be rich!
In 1968, we went heavily into stocks and by 1974, we're down almost 50%! In 1973-1975, we invested over $150 million in real estate, and not just any real estate -- we concentrated in Atlanta; We lost our ass! In 1978, we hired a bright theoretical consultant from Harvard who had a "yield tilt" model which told us that energy stocks were overpriced and auto stocks cheap. This seemed to make sense, so we sold Texas Oil and Gas at $8 and bought General Motors at $60. We lost 33% of our money. If you had gone the other way, you'd be up 430%!
All investors make some bad decisions. But we make a lot -- and with CONSISTENCY. Now for the first time, you can profit from our mistakes. For $10,000 a year, you can receive copies of the minutes of our quarterly Finance Committee meetings in which we establish our investment philosophy. For an additional $25,000 a year, we will give you a monthly update over the telephone of our current market outlook. And for only $100,000 a year you will receive copies of our trade confirmations so you will know on a daily basis what not to do. It's part of our Contrarian Theory.
This may seem like a very unusual offer, but look at it this way: we can't seem to get on the right side of markets, so if we let you pay to profit from our mistakes, we will have finally found a way to profit from our mistakes as well.
Subscribe now. Time is limited. We are about to undertake a major restructuring of the portfolio, and we'd hate to see you get caught going the SAME way.
- THE FORD FOUNDATION更多精彩文章及讨论，请光临枫下论坛 rolia.net
Investing money is a zero sum game. For every winner, there is a loser. We've been losers! If you had sold what we bought, and if you had bought what we sold, you would be rich!
In 1968, we went heavily into stocks and by 1974, we're down almost 50%! In 1973-1975, we invested over $150 million in real estate, and not just any real estate -- we concentrated in Atlanta; We lost our ass! In 1978, we hired a bright theoretical consultant from Harvard who had a "yield tilt" model which told us that energy stocks were overpriced and auto stocks cheap. This seemed to make sense, so we sold Texas Oil and Gas at $8 and bought General Motors at $60. We lost 33% of our money. If you had gone the other way, you'd be up 430%!
All investors make some bad decisions. But we make a lot -- and with CONSISTENCY. Now for the first time, you can profit from our mistakes. For $10,000 a year, you can receive copies of the minutes of our quarterly Finance Committee meetings in which we establish our investment philosophy. For an additional $25,000 a year, we will give you a monthly update over the telephone of our current market outlook. And for only $100,000 a year you will receive copies of our trade confirmations so you will know on a daily basis what not to do. It's part of our Contrarian Theory.
This may seem like a very unusual offer, but look at it this way: we can't seem to get on the right side of markets, so if we let you pay to profit from our mistakes, we will have finally found a way to profit from our mistakes as well.
Subscribe now. Time is limited. We are about to undertake a major restructuring of the portfolio, and we'd hate to see you get caught going the SAME way.
- THE FORD FOUNDATION更多精彩文章及讨论，请光临枫下论坛 rolia.net