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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If you look back to the most spectacular blow ups in history, you can always tie them to a couple things: They were extraordinary complicated strategies that maybe even the practitioners themselves didn't understand, and they were overleveraged.
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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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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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Fear, greed and hope have destroyed more portfolio value than any recession or depression we have ever been through.
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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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The truth seems to love the small print.
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History depends on who is telling the story.
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Arbitrage human nature. It's not going to change any time soon.