The federal tax code now totals 74,608 pages. The Constitution fits on three pages.
Luck is so important that two investors holding the same assets over different time periods can have wildly different investment outcomes.
If a fund company isn’t disciplined enough to price its products for long-term success, what would give you confidence that it’s disciplined enough to run money in a patient, thoughtful way
Ordinary investors who have not learned from history will be listening to all the worst advice, and making temporary drawdowns into permanent losses.
The average investor has failed to capture the market’s return since 2008 but still managed to beat hedge funds
The best investment decisions you make are often the things you don’t invest in.
It’s terribly simple, and it’s not that precise. But that’s how forecasting should be.
Everybody and their mom sells drugs these days.
We often discuss the influence of the gun and pharmaceutical lobbies, but the real estate lobby has spent much more than either group.
Everyone thinks of growth as a good thing, but it’s a nuanced thing.
We would rather miss that opportunity than fuck it up.
Even in science, fact has little chance against entrenched belief.