Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you must think biologically.

The old culture had come out of poverty, out of English customs.

Why should it be easy to do something that, if done well, two or three times, will make your family rich for life?

All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected to bear. This is an inescapable fact of life. And it is also inescapable that exactly half of the investors will get a result below the median result after the croupiers' take, which median result may well be somewhere between unexciting and lousy.

We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome will be decent.

A director who gets $150,000 per year from a company and needs the money is not independent.

I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.