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#32: Christopher Cole On Appreciating Risk
Superinvestors and the Art of Worldly Wisdom
The Importance of Portfolio Management
The real problem with portfolio management is cultural and not economic. It's very, very difficult for an investor in a bull market to take gains from an asset class that's making money and put it in something that hasn't made money for a decade. And so my strategy is most popular after the crisis. Everyone wants insurance after the hurricane hits. Of course, it's not useful at that point in time. But there's other periods in time where, so after the last crisis, everyone wanted volatility and everyone wanted commodity trend in 2010, 2011. Well, you know, the worst of it was over. If we go back across other periods in history, if we go back to 1946,
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