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.

Part of my attraction to ancient art is that there is an element of risk, of speculation.

Time and again, in every market cycle I have witnessed, the extremes of emotion always appear, even among experienced investors. When the world wants to buy only [bonds], you can almost close your eyes and [buy] stocks.

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

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.

Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake.

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