Reading is incredibly important, but it won’t give you a big advantage over others. It will just allow you to keep up.
There is nothing “normal” about the distribution of investment returns and nothing straightforward about arriving at a specific return number
CEO Reed Hastings has promised negative free cash flow will persist for “many years.”
Heads I win, tails you lose, now stick with the process
Sometimes just showing up is all it takes to show that you care
A portfolio approach that doesn’t require being able to predict the unpredictable
We tend to form tribes around these debates and then use certain people as evidence that one tribe is better than the other
You cannot get the feeling of market history from looking at a chart or reading a book
A question and not a promise
People believe in the crazy stuff they do.
I’ve never been an investor per se.
Endemics of fear repeat themselves
Your portfolio may look and appear less suicidal than a lot of other value strategies
This is one of the rare cases where the best performance was out of sample.
There was a period where people didn’t care enough about statistics and now they care about them too much.
Beware of men with theories that explain everything.