Tuesday, February 3, 2015

Peter Cundill quote

From There's Always Something to Do:
Sir John Templeton said something to me and it stuck in my mind and I didn’t do anything about it at the time. We were on a roll of fifteen years of wonderful results, no down years, a high compound rate of return and some money coming in. He said something which I think is correct, and that Graham also talks about; ‘always change a winning game.’ I didn’t do it because I was on a roll then and I wasn’t flexible enough. There is no investment rule that remains immutable except the margin of safety. There are always breaks and the trick is to begin to anticipate, if you can, where the break points will be and shift. Not the disciplines and not the framework but the tactics that are involved.