The Tell: The ‘greatest investor of all time’ has one — and only one — word of advice

“Diversify,” Nobel-Prize winner Harry Markowitz once responded when asked how investors should approach the stock market. “And if I had to offer a second piece of advice, it would be: Remember that the future will not necessarily be like the past. Therefore we should diversify.”

In ranking the greatest investors of all time, Cullen Roche, founder of Orcam Financial and the man behind the Pragmatic Capitalism blog, put Markowitz at the top of his list, though he’s fully aware that other high-profile types tend to dominate the discussion when it comes to investing’s GOAT.

That is because, as Roche explains, the obvious measure of greatness would be to focus purely on performance.

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