Markets Never Forget (But People Do): How Your Memory Is by Kenneth L. Fisher

By Kenneth L. Fisher

Sir John Templeton, mythical investor, used to be well-known for announcing, "The 4 most threatening phrases in making an investment are, 'This time it's different.'" He knew that although historical past doesn't repeat, now not precisely, heritage is a superb advisor for investors.

In Markets always remember yet humans Do: How Your reminiscence Is Costing you cash and Why This Time Isn't Different, long-time Forbes columnist, CEO of Fisher Investments, and 4-time big apple instances bestselling writer Ken Fisher indicates how and why investors' stories fail them—and how expensive that may be. extra very important, he exhibits steps traders can take to start lowering blunders they many times make. The earlier is rarely indicative of the long run, yet background will be one robust advisor in shaping ahead taking a look expectancies. Readers can see the realm extra clearly—and learn how to make fewer errors—by figuring out just a little of making an investment previous.

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Additional resources for Markets Never Forget (But People Do): How Your Memory Is Costing You Money-and Why This Time Isn't Different

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If the Vision has a non-financial emphasis, the Goals will be quantitative non-financial measures such as the proportion of portfolio revenue from highest credit rating tenants. To be effective, Goals should be: ● ● ● ● ● ● ● ● ● ● 1 Envisioning Envisioning 31 relevant – demonstrating a clear alignment with the Vision so that the achievement of Goals can clearly be seen to contribute to the attainment of the Vision; few – being up to around six Goals, facilitating clear focus on those matters which are critical for achievement if the REIT is to attain its Vision; independent – being capable of individual achievement without one Goal being dependent on another and with care required to avoid conflict between Goals; clear – unequivocal, simple, succinct statements that are not open to misinterpretation; measurable – capable of easy and indisputable quantification; attributable – providing clarity as to whom within the REIT management team will be responsible for achievement; timely – having a specified time horizon within which achievement is required, acknowledging that all years are not going to be the same, that specific risk exists through the properties comprising the portfolio and that appraisal timing has an impact on performance; marketable – being framed to provide confidence to investors and the market; achievable – while providing a challenge to management to achieve, Goals should not be manifestly unachievable or they will be disregarded by management and become counter-productive; and manageable – being capable of dissection by management and interpretation as Objectives which, if achieved, will achieve the Goal (Baum, 2002).

Indd 35 10/11/2011 4:54:54 PM 36 Global Real Estate Investment Trusts With the Strategic Plan conceptualised as the route map to the achievement of Goals by the REIT, Objectives comprise the checkpoints along the route adopted. Unlike Goals, Objectives may be many but otherwise meet the same criteria for effectiveness including relevance, independence, clarity and so forth. Objectives may be likely to be smaller, discrete items for achievement which, when fulfilled in aggregate across the REIT, achieve the stated Goals and which are capable of reward for achievement at the individual REIT management executive level.

Such analysis should provide a clear understanding of the current internal and external environment of the REIT together with the potential future internal and external environment facing the REIT. The REIT’s current internal environment, being issues such as employee skill levels or availability of capital, may impact the REIT’s strategic planning with critical self-assessment by the REIT, particularly around issues of culture and values, being an essential foundation for strategic planning. Similarly, the current external environment, being issues such as the state of the economy or the real estate market for a particular sector, may also impact the REIT’s strategic planning.

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