Market lagi volatile. Banyak saham "quality" atau "value" favorit investor lagi gonjang ganjing. 

Ada beberapa reminder dari top investors buat long term / fundamental investors untuk menavigasi diri di tengah drawdown dan volatilitas market. 

Dari Howard Marks's latest memo "Taking the Temperature" 
While on the subject of buying too soon, I want to spend a minute on an interesting question: Which is worse, buying at the top or selling at the bottom?  For me the answer is easy: the latter.  If you buy at what later turns out to have been a market top, you’ll suffer a downward fluctuation.  But that isn’t cause for concern if the long-term thesis remains intact.  And, anyway, the next top is usually higher than the last top, meaning you’re likely to be ahead eventually.  But if you sell at a market bottom, you render that downward fluctuation permanent, and, even more importantly, you get off the escalator of a rising economy and rising markets that has made so many long-term investors rich.  This is why I describe selling at the bottom as the cardinal sin in investing.

Dari Sir John Templeton 
If you want to have better performance than the crowd, you must do things differently
than the crowd. Invest at the point of maximum pessimism. You are trying to buy a share at the lowest possible price in relation to what a corporation is worth. There is only one reason a stock is being offered at a bargain price: because other people are selling; there is no other reason. To get a bargain price you must look where the public (institutions) are most fearful and pessimistic.  To buy when others are despondently selling and to sell when others are avidly buying requires the greatest of fortitude and pays the greatest ultimate rewards.

Quote-quote dari investor lain: 

“The most common cause of low prices is pessimism–sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It’s optimism that is the enemy of the rational buyer.” 
— Warren Buffett

"Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results."
— Warren Buffett

"If I could know only one thing about an investment I'm contemplating, it might be how much optimism is embodied in the price."
— Howard Marks

"You don't need perfect. If you're 96% sure, that's all you're entitled to in many cases. I see these people doing due diligence and, the weaker they are as thinkers, the more due diligence they do. It's a way of allaying inner insecurity — but it doesn't work."
— Charlie Munger 

"Read last year's market predictions and you'll never again take this year's predictions seriously."
— Morgan Housel

“Since the ‘bottom’ is only declared in retrospect, those who wait for it almost always go away empty-handed.” 
--- Frank Martin

In a bear market value investing becomes especially important because it gives you exposure to the upside with limited downside risk. In a stormy market it helps you find bearings when reassuring landmarks are no longer visible
-- Seth Klarman

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Market lagi volatile. Banyak saham "quality" atau "value" favorit investor lagi gonjang ganjing. 

Ada beberapa reminder dari top investors buat long term / fundamental investors untuk menavigasi diri di tengah drawdown dan volatilitas market. 

Dari Howard Marks's latest memo "Taking the Temperature" 
While on the subject of buying too soon, I want to spend a minute on an interesting question: Which is worse, buying at the top or selling at the bottom?  For me the answer is easy: the latter.  If you buy at what later turns out to have been a market top, you’ll suffer a downward fluctuation.  But that isn’t cause for concern if the long-term thesis remains intact.  And, anyway, the next top is usually higher than the last top, meaning you’re likely to be ahead eventually.  But if you sell at a market bottom, you render that downward fluctuation permanent, and, even more importantly, you get off the escalator of a rising economy and rising markets that has made so many long-term investors rich.  This is why I describe selling at the bottom as the cardinal sin in investing.

Dari Sir John Templeton 
If you want to have better performance than the crowd, you must do things differently
than the crowd. Invest at the point of maximum pessimism. You are trying to buy a share at the lowest possible price in relation to what a corporation is worth. There is only one reason a stock is being offered at a bargain price: because other people are selling; there is no other reason. To get a bargain price you must look where the public (institutions) are most fearful and pessimistic.  To buy when others are despondently selling and to sell when others are avidly buying requires the greatest of fortitude and pays the greatest ultimate rewards.

Quote-quote dari investor lain: 

“The most common cause of low prices is pessimism–sometimes pervasive, sometimes specific to a company or industry. We want to do business in such an environment, not because we like pessimism but because we like the prices it produces. It’s optimism that is the enemy of the rational buyer.” 
— Warren Buffett

"Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results."
— Warren Buffett

"If I could know only one thing about an investment I'm contemplating, it might be how much optimism is embodied in the price."
— Howard Marks

"You don't need perfect. If you're 96% sure, that's all you're entitled to in many cases. I see these people doing due diligence and, the weaker they are as thinkers, the more due diligence they do. It's a way of allaying inner insecurity — but it doesn't work."
— Charlie Munger 

"Read last year's market predictions and you'll never again take this year's predictions seriously."
— Morgan Housel

“Since the ‘bottom’ is only declared in retrospect, those who wait for it almost always go away empty-handed.” 
--- Frank Martin

In a bear market value investing becomes especially important because it gives you exposure to the upside with limited downside risk. In a stormy market it helps you find bearings when reassuring landmarks are no longer visible
-- Seth Klarman

Tagging saham favorit investor yang kena hit banyak belakangan ini $ARNA $BMTR $SCMA $GJTL $SIDO