PIA

Risky Waters, But Opportune Waves

From 40,000 feet, hare 'traders' rarely outperform tortoise 'portfolio managers' over a series of longer-term periods who exercise the disciplines of acquiring quality companies at attractive valuations as they present themselves during sell-offs in the market, in industries or in specific companies.

Few 'traders' consistently produce low to mid-double digit portfolio returns over a series of "rolling" 10-year periods. Disciplined, experienced 'investors' exercising a strong discipline, approach and long-term view ('the select wise tortoises') have enjoyed such success.

The main perspectives of this article are well taken by this 'longer-term' investor. My experience and approach is to not be so 'wise' as the impatient 'traders', from which very few enjoy 10-15% longer-term returns 'over a series of meaningful 10-year periods'.