I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.

A business model that relies on trickery is doomed to fail.

A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind, loving diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.

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

Recognize reality even when you don't like it-especially when you don't like it.

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.

I'm right, and you're smart, and sooner or later you'll see I'm right.