By
Borsgade
In this interview, Cliff Asness addresses the difficulty of assessing an investment strategy during challenging times. He cautions against two extremes: abandoning a strategy prematurely due to short-term losses or rigidly clinging to it without adapting when needed.
Cliff praises Warren Buffett’s resilience in adhering to his principles despite setbacks, emphasizing that while markets may evolve, core investment principles tend to change more gradually. However, he acknowledges that investors must be prepared to adapt in the rare instances of structural market shifts.
He underscores the importance of continuous improvement in all market conditions. During difficult periods, investors should critically evaluate their strategies to discern whether problems are temporary or indicative of a fundamental change.
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