📊 Starting Valuations Matter Enormously "The most important thing in medium to long-term investing is valuation. It's just the only thing that is reliably a predictor of future returns." - Jim Reid Jim's study found: 🔹 A low P/E portfolio returns 20.2% p.a. over the last 70 years with the high P/E portfolio at 11.4% 🔹 The high dividend portfolio returns 12.8% p.a. over the last 200 years, with the low dividend portfolio 9.3%. "If I was gonna be glib and say there's one secret sauce to investing, it is: buy low, sell high."

Facing intense criticism over massive delays and cost overruns, CA leaders now propose to keep some high-speed rail information secret to avoid scrutiny youtu.be/H3DZ4UUoikU?si=CF-k… via @YouTube

"get comfortable with the art of selling"

If you did the $SLV trade discussed on Monday, one could cover the short call, and roll the long put. cnb.cx/4t1v0RR

...must consider. anthony will next explain how the @Mets lost alonso.

Stanley Druckenmiller said he’s not sure he’s ever made money shorting even when markets looked expensive. It’s almost always better to own great businesses than try to short bad ones.