You won’t know the price of your asset until you go to sell it
US grocery is the largest consumer category in the world, registering $641B/year in value
People were literally lighting their money on fire
Even if the long-term trajectory is better than average returns, the path to get there won’t necessarily be a cakewalk
A reminder to my future self
We pay for incompetence
What does liberty mean if not the freedom to invest in far-fetched private placements?
The collective motivations of 7 billion people can’t be summarized in Excel
If you wait until the dust settles, the bargains are gone.
With Tim Ferriss and Howard Marks
Discovering complex correlations in data
With Patrick O’Shaughnessy and Jeremiah Lowin
The market is a great arbitrageur between the past and the future
With Rick Ferri and Jack Bogle
He thrived on a dangerous, but politically alluring, combination: hyperbole and imprecision.