Past twenty-one years

Past twenty-one yearsAs I look back on the past twenty-one years, there is no set pattern of successful activity.

In some years, we did particularly well on the strength of a few well-chosen stocks. In other years, we did exceptionally well because we were on the right side of the market.

For example, in 1973-1974, when the market went down enormously, we were up substantially, largely because we were net short.

There were other periods when the bulk of our money was made in bonds. I think there is a message in the fact that there is no real pattern:

Anyone who thinks he can formulate success in this racket is deluding himself, because it changes too quickly. As soon as a formula is right for any length of time, its own success carries the weight of its inevitable failure.

Michael Steinhardt

Igor Marinkovic

Electronic engineer, futures trader and property investor and total beginner in making good web sites

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