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As an aside there was a very interesting article in the recent FT weekend about the rise of algorithmic trading and the impact of ETFs. Both strategies are constantly tweaking portfolio allocations. Market movements are exacerbated both up and down as a result, as any larger short term movement becomes a self-fulfilling prophecy. Personally I think this no bad thing for the LT private investor as it allows us to buy good assets cheap, whilst the ever growing proportion of "dumb money" just churns. In the LT intrinsic value creation will win out and be rewarded. In this respect nothing has changed from Buffet's early days...
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