I Have No Idea What the Market Is Going to Do, but...

La Tercera

Lean Right

Factuality

Ownership

“I have no idea what the market is going to do, but I do know what I will do if I do that” is an old phrase by Ben Graham little appreciated by projection vendors, but it is for those who make a living investing. Five years ago I wrote a column in this paper about Habitat, a company I maintain to this day. It was an extreme case of something unusual that I was seeing on the local stock market: the risk of losing money permanently had evaporated …