Required reading for every serious investor This piece by @mjmauboussin was published today. https://t.co/nUfdMXyxo0

I use the word arbitrage because we're not talking about different markets in different geographies. We're talking about different markets that exist in different people's minds. If I can fundamentally understand, and believe in, a market more clearly than any other investors then my equation can change in ways that give me an advantage.