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10 timeless investing lessons: Owen’s Market Update Vol. 1

Catch up with the world of finance in Owen's March 2024 market update, covering major market moves and his top 10 timeless investing lessons.

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Interested in Owen’s timeless investing lessons?

In this episode, Chief Investment Officer Owen Rask updates listeners on the economy, inflation, interest rates, big news headlines and shares his timeless money & investing lessons.

  1. Capitalism works. If companies and entrepreneurs create value for society by solving problems via their companies, shareholders supporting them must also be rewarded.
  2. The stock market is a vehicle for transferring wealth from the impatient to the patient (see Buffett annual letters)
  3. Wealth creation can be summed up in two words: accumulate assets.
  4. Fewer investment decisions often result in better decisions. High conviction and concentration is the best approach when you know what you are doing.
  5. Diversification is very important for everyone — including the tens of millions of Aussies & Kiwis who have better things to do than manage an investment portfolio. This is why we build your portfolio mostly with ETFs. 
  6. The benefits of extra diversification will rapidly diminish after 10 uncorrelated positions (see Evans & Archer), however, the ‘risk side’ of diversification is only one part of the equation. You can use your Satellite to learn, grow and concentrate.
  7. Less than 5% of companies on the stock market are responsible for all of the stock market’s wealth creation over bonds (see Professor Bessembinder). Again, carefully concentrate – or diversify broadly – this is the ‘other’ side of diversification.
  8. There are three commonly accepted investing ‘edges’: behaviour, analytical ability and information. Investors would be wise to focus first and foremost on their behaviour. It’s the easiest way to get better outcomes. It’ll make you a better human being.
  9. Most people shouldn’t invest in individual shares because they lack the time, inclination and/or curiosity. Each of these is required to invest well over time.
  10. Investors do not need to choose between ‘active’ or ‘passive’ — everyone should use both in a Core & Satellite portfolio.

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