People calculate too much and think too little.

[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.

Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.

In fact I've probably never seen such a wide moat.

Practically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and (2) doesn’t mix in the hard-to-measure stuff that may be more important. That is a mistake I’ve tried all my life to avoid, and I have no regrets for having done that.

Don't confuse correlation and causation. Almost all great records eventually dwindle.