In the real world, illiquid assets carry a discount.

You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

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

When people ask me what I do for a living, I generally tell them 'I run a hedge fund.' The majority give me a strange look, so I quickly add, 'I am a money manager.' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor.' Everyone knows what that is.

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

In the real world, illiquid assets carry a discount.

Microsoft could help Facebook with one of the biggest challenges, namely monetizing its traffic without reducing the user's experience. It's obvious that Microsoft needs traffic and Facebook needs search.