When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

Ive got a fantasy-baseball team with my brother. But I have to admit, he does all the work.

In the real world, illiquid assets carry a discount.

As an investor my job is to figure out what will happen rather than what should happen.

The loss was not bad luck. It was bad analysis.

A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.

When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.