Investing is laying out money now to get more money back in the future.
Activity is the enemy of investment returns.
We don't have to be smarter than the rest. We have to be more disciplined than the rest.
Only when you combine sound intellect with emotional discipline do you get rational behavior.
We look for things I can understand. A lot of businesses I don't understand.
If I subscribed to the efficient market theory I would still be delivering papers