Image is worth nothing and people won’t pay for it forever.
Don’t blame the product for the product user’s mistakes.
Investors weigh the importance of change and timelessness differently, but every great company has some element of both.
While portfolio management often brings investors into financial advisors’ offices, it won’t be the reason they stay.
Past performance is tangible while the future is fraught with uncertainty.
Passive does reflect a number of choices.
Stock valuations are never absolute — it is always a question of the other assets you are measuring the stocks against.
Expressing bullishness and acting on it can be very separate things.
The well agrees, but the new follower quickly unfollows.
This market is simple, and thus inexpensive to take part in.
When investors can’t find anything worth worrying about, they worry about why no one seems to be worrying enough.
The biggest change this decade is how accessible the players are.
The network optimized the system.
Jack reveals that he invested in the Titanic.
Alpha is the difference between price and fair value.
He was a generalist who knew more than specialists.
“The attitude of the President of the United States is incomprehensible to his most intimate friends.”