Investing for Survival
12 things I learned from David Tepper: #7
There is a time to reap and a time to sow. There is also a time to be defensive and not lose money. Sometimes almost all potential investments are properly put in the “too hard” pile. At times like this, the best thing you can do is preserve what you already have. Investing is a probabilistic activity. If you don’t have an investing thesis that is the output of a sound investing process which is net present value positive, then don’t invest. It’s that simple. Having a “too hard” pile is such a huge advantage in life.