Tham khảo tài liệu 'the four pillars of investing: lessons for building a winning portfolio_9', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Behavioral Therapy 185 that you can t check on its value every day or even every year. You happily hold onto it oblivious to the fact that its actual market value may have temporarily declined 20 on occasion. Ben Graham observed this effect when he noted that during the Depression investors in obscure mortgage bonds that were not quoted in the newspaper held on to them. They eventually did well because they did not have to face their losses on a regular basis in the financial pages. On the other hand holders of corporate bonds which had sustained less actual decrease in value than the mortgage bonds but who were supplied with frequent quotes almost uniformly panicked and sold out. The other way to avoid myopic risk aversion is to hold enough cash so that you have a certain equanimity about market falls Yes I have lost money but not as much as my neighbors and I have a bit of dry powder with which to take advantage of low prices. At the end of the day the intelligent investor knows that the visceral reaction to short-term losses is a profoundly destructive instinct. He learns to turn it to his advantage by regularly telling himself each and every time his portfolio is hit that low prices mean higher future returns. There Are No Great Companies This is really just another variant of Dare to Be Dull. It is relatively easy to make the great company great stock mistake. Everyone wants to own the most glamorous growth companies when in fact history teaches us that the dullest companies tend to have the highest returns. In the real world superior growth is an illusion that evaporates faster than you can say earnings surprise. Yes in retrospect it is possible to find a few companies like Wal-Mart and Microsoft that have produced long-term sustained earnings increases but the odds of your picking one of these winning lottery tickets ahead of time from the stock pages are slim. Instead you should consider overweighting value stocks in your portfolio via some of the index .
