Good businesses can survive a little bad management.

... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.

Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation in your life.

Knowing what you don't know is more useful than being brilliant.

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.

To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.