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.
Discovering complex correlations in data
The market is a great arbitrageur between the past and the future
He thrived on a dangerous, but politically alluring, combination: hyperbole and imprecision.