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're an investor who wants a little bit more from the capital-appreciation side of things, but still likes this concept of getting 'paid by the company,' then we would tell that investor to pursue shareholder yield.
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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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Industries that make goods and services that people have to buy, regardless of economic circumstances, are bound to do well whatever the economic conditions.
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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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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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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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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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In terms of thinking about market valuations, think, do I care? My goals are 10, 20 years from now, not now. If you have shorter-term goals, you should be aware that market valuations fluctuate wildly.
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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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If you are an investor who's retired and hopes to live off the income that your portfolio is generating, then we would focus just on the dividend yield.
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If you have a 401(k) at work and you don't use it, it's like literally walking by buckets of money every day,
buying expensive names
If you're indexing to the S&P 500, you're buying the most expensive names in the market.