You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.

You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.

I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

I agree with Peter Drucker that the culture and legal systems of the United Statesare especially favorable to shareholder interests, compared to other interests and compared to most other countries. Indeed, there are many other countries where any good going to public shareholders has a very low priority and almost every other constituency stands higher in line.

Someone will always be getting richer faster than you. This is not a tragedy.

Just keep your head down and do your best.