Good read from @FinnMurphy12 on understanding which game you are playing in venture capital. It's worth emphasizing, with so much focus on attention, that there are (basically) two paths: 1) There are startups that are great at capturing our attention; hot technology, charismatic founders,... See more

Worth the read The Loser’s Game By Charles D Ellis https://t.co/8krWeLGiLb

The discussion of luck versus skill in investment management goes far beyond theoreticals and should directly inform the way that behavioral investors structure their portfolios. Understanding that markets are part luck and part skill informs us that we should emphasize rules over practice and that we should hold portfolios that are diverse enough

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The equilibrium proposed by Stiglitz is one in which some minimal profits are available to some investors. Efficient-market hypothesis can’t literally be true. Although some studies (like mine of mutual funds on E Trade) seem to provide evidence for Fama’s view that no investor can beat the market at all, others are more equivocal,87 and a few88

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