In this book, the third collection of articles from his web column Outside the Flags, Jim Parker uses these topical issues to highlight the value of good advice:
- Crises come and crises go, but lunches are still not free, return rarely comes without risk and patience remains an under-rated virtue.
- If you are worried about bad news, chances are it is already in the price. Investing is about what comes next. We don’t know that so we diversify.
- You don’t need luck to be a good investor. More useful are patience, discipline, a focus on costs, a willingness to diversify and a decision to take only those risks that come with a long-term reward.
- The media builds neat narratives from messy reality. While often interesting, these are not something to base an investment strategy on.
- Investors grappling with market turmoil often question the value of financial advice. Better to ponder the cost of bad advice.