Citations de Julian Robertson

Toutes les Citations de Julian Robertson

1. "Go long the best companies in an industry and short the worst. This hedged approach reduces market risk while profiting from the spread between winners and losers."

   Source: More Money Than God (2010)

   Long best stocks, short worst; hedge reduces market risk.

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2. "Know more about the company than anyone else on Wall Street. Talk to customers, suppliers, competitors, and former employees. Leave no stone unturned."

   Source: Tiger Management Investor Letters (1995)

   Deep research provides informational edge over Wall Street.

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3. "Back exceptional management teams. Great managers can turn around mediocre businesses; poor managers can destroy great ones. Management quality is the key variable."

   Source: More Money Than God (2010)

   Exceptional management transforms mediocre businesses into winners.

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4. "Combine bottom-up stock picking with top-down macro awareness. Understanding the economic environment helps you position portfolios and avoid sector-wide risks."

   Source: Tiger Management Investor Letters (1998)

   Combine fundamental stock analysis with macroeconomic awareness.

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5. "Train and mentor talented young investors. Sharing knowledge elevates the entire industry and creates a legacy. The best investment is in people who will carry on your principles."

   Source: More Money Than God (2010)

   Mentoring talented investors creates lasting investment legacy.

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6. "Size positions according to conviction level. Your best ideas deserve the largest allocations. Don't dilute your best ideas with too many positions."

   Source: Tiger Management Investor Letters (1993)

   Size positions by conviction; best ideas deserve largest bets.

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7. "Short selling requires even more rigor than going long. Shorts can run against you indefinitely. Always have a thesis, a catalyst, and strict risk management."

   Source: Tiger Management Investor Letters (1997)

   Short selling demands even more rigorous research than longs.

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8. "Invest in industries where competition is limited and rational. Avoid commoditized businesses with intense price competition. Look for barriers to entry and pricing power."

   Source: Tiger Management Investor Letters (1996)

   Invest in industries with limited, rational competition.

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9. "Look for opportunities globally, not just in your home market. The best investments may be in emerging markets or overlooked geographies. Stay curious about the world."

   Source: More Money Than God (2010)

   Global opportunity set offers better ideas than home market alone.

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10. "Focus on risk-adjusted returns, not absolute returns. Taking excessive risk for marginally higher returns is not good investing. Protect the downside and the upside will take care of itself."

    Source: Tiger Management Investor Letters (1999)

    Risk-adjusted returns matter more than absolute performance.

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11. "Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."

    Source: More Money Than God (2010)

    Discipline in valuation determines investment success.

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12. "Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."

    Source: More Money Than God (2010)

    Compare price to intrinsic value, not to past prices.

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13. "Use conservative assumptions in your valuation. Optimistic projections lead to overpaying. It is better to underestimate value and be pleasantly surprised than to overestimate and be disappointed."

    Source: More Money Than God (2010)

    Conservative valuation protects against overpaying.

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14. "Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."

    Source: More Money Than God (2010)

    Quality businesses compound wealth and reduce risk.

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15. "Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."

    Source: More Money Than God (2010)

    Identify sustainable competitive moats before investing.

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16. "The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."

    Source: More Money Than God (2010)

    Stay within your circle of competence.

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17. "Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."

    Source: More Money Than God (2010)

    Develop deep expertise, not surface knowledge.

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18. "Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."

    Source: More Money Than God (2010)

    Expand expertise gradually, one area at a time.

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19. "Markets are driven by fear and greed. The disciplined investor exploits these emotions rather than being controlled by them. Emotional control is the key competitive advantage."

    Source: More Money Than God (2010)

    Exploit market emotions rather than being controlled by them.

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20. "Understanding crowd psychology is essential. When everyone agrees, the opportunity has usually passed. The best time to act is when the crowd is most fearful or most confident."

    Source: More Money Than God (2010)

    Act when the crowd is at emotional extremes.

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21. "The best investments often feel uncomfortable because they go against popular opinion. If everyone loves a stock, it's probably overpriced. If everyone hates it, investigate."

    Source: More Money Than God (2010)

    Good investments often feel uncomfortable.

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22. "Before considering how much you can make, consider how much you can lose. Risk management is not about avoiding risk entirely, but about understanding and controlling it."

    Source: More Money Than God (2010)

    Consider the downside before the upside.

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23. "The size of your position should reflect your conviction and the risk involved. Never bet so large that a single mistake can wipe out your portfolio."

    Source: More Money Than God (2010)

    Size positions based on conviction and risk.

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24. "In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully."

    Source: More Money Than God (2010)

    Patience is the ultimate competitive advantage.

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25. "Compound interest is the eighth wonder of the world. Those who understand it earn it; those who don't, pay it. Time is the most valuable asset in investing."

    Source: More Money Than God (2010)

    Compounding is the most powerful force in investing.

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26. "Think in decades, not days. The market rewards patient capital and punishes impatience. Most of the gains in investing come from sitting and waiting."

    Source: More Money Than God (2010)

    Think in decades, not days.

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27. "The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."

    Source: More Money Than God (2010)

    Buy only at prices well below intrinsic value.

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28. "The stock market is a no-called-strike game. You don't have to swing at every pitch. Wait for the fat pitch — the opportunity that offers exceptional risk-reward."

    Source: More Money Than God (2010)

    Wait for exceptional risk-reward opportunities.

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29. "Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."

    Source: More Money Than God (2010)

    Thorough research precedes every sound investment.

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30. "Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."

    Source: More Money Than God (2010)

    Follow pre-defined sell criteria without emotion.

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31. "Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."

    Source: More Money Than God (2010)

    Regularly challenge your original investment thesis.

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32. "Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."

    Source: More Money Than God (2010)

    Use insights from multiple disciplines for better decisions.

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33. "Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."

    Source: More Money Than God (2010)

    Think in probabilities, not certainties.

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34. "Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."

    Source: More Money Than God (2010)

    Invert problems to find insights forward thinking misses.

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35. "A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."

    Source: More Money Than God (2010)

    A clear philosophy anchors you in turbulent times.

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36. "Focus on process, not outcomes. A good process can produce bad outcomes in the short run, but will generate superior results over time."

    Source: More Money Than God (2010)

    Good process outperforms lucky outcomes over time.

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37. "Develop your own investment philosophy through study and experience. Copying others without understanding why leads to confusion when strategies are tested."

    Source: More Money Than God (2010)

    Develop your own philosophy through study and experience.

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38. "The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."

    Source: More Money Than God (2010)

    Investment principles apply to life too.

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39. "The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."

    Source: More Money Than God (2010)

    Knowledge compounds like interest for investors.

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40. "The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."

    Source: More Money Than God (2010)

    Seek quality businesses at fair prices.

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41. "The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market."

    Source: More Money Than God (2010)

    Master your emotions to master the market.

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42. "Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention."

    Source: More Money Than God (2010)

    Know your behavioral biases to avoid them.

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43. "Think independently. The crowd is often wrong at extremes, and following popular opinion is a reliable path to mediocre returns. Form your own informed views."

    Source: More Money Than God (2010)

    Think independently from the crowd.

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44. "The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."

    Source: More Money Than God (2010)

    Use the market as your servant, not your guide.

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45. "Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."

    Source: More Money Than God (2010)

    Understand where you are in the market cycle.

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46. "In the short run, the market is a voting machine; in the long run, it's a weighing machine. Prices can diverge wildly from value, but eventually converge."

    Source: More Money Than God (2010)

    Prices diverge from value short-term but converge long-term.

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47. "A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."

    Source: More Money Than God (2010)

    A systematic approach ensures consistent investing.

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48. "Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."

    Source: More Money Than God (2010)

    Use checklists to prevent investment oversights.

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49. "Review every investment decision — wins and losses — to improve your system. The best investors treat investing as a craft that can always be refined."

    Source: More Money Than God (2010)

    Treat investing as a craft that can always improve.

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