James O'Shaughnessy
James O'Shaughnessy
James Patrick O'Shaughnessyis an American investor and the founder, chairman, and CEO of O'Shaughnessy Asset Management, LLC, an asset management firm headquartered in Stamford, Connecticut...
NationalityAmerican
ProfessionBusinessman
Date of Birth24 May 1960
CountryUnited States of America
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Historically, we have always seen reversion to the mean. After stocks have had an unusually great 10 or 20 years, they typically turn in subpar results over the next 10 or 20, and after bad 10- to 20-year stretches, the next 10 to 20 tend to be above average.
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You'll get nowhere buying stocks just because they have a great story.
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Tip number one is you have to start saving immediately,
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We continue to advise that investors remain committed to a patient, long-term outlook and that the best way to do well in stocks is to use a disciplined, time-tested strategy that has the benefit of empirically tested results over a variety of market environments.
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I tell people to design their ideal life. What do you want to do? What do you want to be? ... Sit down, add up your expenses, write out your life.
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Fear, greed and hope have destroyed more portfolio value than any recession or depression we have ever been through.
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We believe that people moving their portfolios to an overweight in bonds will be disappointed over the long-term and will significantly underperform an asset allocation that over-weights equities.
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Momentum as a selection criteria works very well. My data suggests that you don't want to focus on laggards, even after they've turned the corner,
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Stocks change. Industries change. But the underlying reasons certain stocks are good investments remain the same. Only the fullness of time reveals which are the most sound.
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The average investor does significantly worse than a simple index... It's literally because of the way our brains are wired.
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The model never varies. It never has an ego problem; it never has a fight with its spouse; it never wants to prove that it's right. The model is never hung-over after a night of partying -- it just does the same thing, time and time again. Very boring, very profitable.
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By relying on the statistical information rather than a gut feeling, you allow the data to lead you to be in the right place at the right time. To remain as emotionally free from the hurly burley of the here and now is one of the only ways to succeed.
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It seems that the one thing that doesn't change is people's reaction to short-term conditions and their axiomatic ability to perpetuate them far into the future.
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Industries that make goods and services that people have to buy, regardless of economic circumstances, are bound to do well whatever the economic conditions.