"Don't watch the tape, watch the close."
The quote by Julian Robertson, "Don't watch the tape, watch the close," emphasizes the importance of focusing on the closing price of a security rather than following its intraday fluctuations. In other words, he suggests traders should pay attention to the market's final decision at the end of trading hours instead of being influenced by short-term price movements or news events during the day. This perspective highlights the significance of understanding the overall trend and sentiment in the market at closing, which can provide a better foundation for making informed investment decisions.
"You've got to dance with the one that brung you."
The quote "You've got to dance with the one that brung you," by Julian Robertson, suggests a loyalty or appreciation for the sources of one's success. It implies that when faced with choices or opportunities, it is important to remember where you came from and not to forget those who helped you reach your current position. In essence, stay loyal to your roots and continue to associate with the people and resources that contributed to your success in the past.
"In investing, what is comfortable is rarely profitable."
This quote by Julian Robertson suggests that in the realm of investing, comfort zones are often not conducive to profitability. It implies that taking calculated risks, venturing outside of one's comfort zone, and making bold moves can lead to financial gains. Comfortable investments, such as low-risk assets or familiar strategies, might provide stability but may not yield significant returns. To be profitable in investing, it is necessary to embrace risk, learn from mistakes, and constantly seek new opportunities that might seem uncomfortable initially but could potentially bring greater rewards.
"The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell."
This quote suggests that investing wisely requires a counter-intuitive approach. When market sentiment is overwhelmingly negative (maximum pessimism), it's often a good opportunity to buy, as prices may be undervalued. Conversely, when optimism is at its peak and everyone is bullish (maximum optimism), it might be a smart move to sell, as prices may be overvalued and subject to correction. The idea is to capitalize on market irrationality by buying low and selling high.
"I can't predict the future, but I know a good story when I hear one."
This quote by Julian Robertson suggests that although he cannot foresee the future, he is adept at recognizing a compelling narrative or opportunity when presented with one. In other words, his ability to make informed decisions stems from his discernment of strong, promising stories or situations rather than predicting specific outcomes.
I don't see any particular sweet spot. But I do see sweet stocks that I really love and like and think are going to do well. And one is a company that probably makes that beautiful toenail polish you've got on. A company called Ulta. And it has just beautiful beauty salons all over the country.
- Julian Robertson
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