When your views are truly contrarian, they are inevitably uncomfortable. Courage and the ability to withstand pain are required.

When your views are truly contrarian, they are inevitably uncomfortable. Courage and the ability to withstand pain are required.

In the 1950s and 1960s, the heroes were the long-term investors; today the heroes are the wise guys.

The markets are always changing, and the successful trader needs to adapt to these changes.

I was happier when pursuing success than I was when savoring its fruits; the attraction, perhaps the addiction, was in the process, as much as in its end.

The hardest thing over the years has been having the courage to go against the dominant wisdom of the time, to have a view that is at variance with the present consensus and bet that view.

One of the most important analytic tools when assessing an investment is an intellectually advantaged disparate view. This includes knowing more and perceiving the situation better than others do. It is also critical to have a keen understanding of what the market expectations for any investment truly are. Thus, the process by which a disparate perception, when correct, becomes consensus should lead to meaningful profit. Understanding market expectation is at least as important as, and often different from fundamental knowledge.