I feel uncertain, more uncertain about the future now than I did 20 years ago.
The way it plays out is I have more stocks in my portfolio now than I had 20 years ago.
I know for some people this becomes the issue of don’t you have enough conviction?
And I hate that word in investing, because it puts us on a spot.
So, do you have enough conviction?
Can’t you put all your money in this if you feel that strongly?
No, I never feel that strongly. I don’t have that much conviction. Maybe you do.
And there are investors out there, I think, who overestimate their capacity to value companies and overestimate the capacity of markets to correct and then underinvest.
They might still make money for a while, but at some point in time, their portfolios will blow up
said Aswath Damodaran
