We constantly adapt our portfolio to market conditions

  • We say, “There is no such thing as bad markets, only inappropriate investments.”
  • Diversification is a state of mind.
  • What matters is the number of assets an investor is allowed to own, and the frequency with which he is allowed to change them.
  • When it’s warm, wear shorts. When it’s cold, wear a coat.
  • What matters is the speed with which you can change your clothes.
  • There is simply no point in trying to carry your whole wardrobe around with you.