Finance

Physical commodities have this same trait: "One of the great things about the natural gas industry for a long time—and it’s still largely true now—is it was a closed system. You could figure it out. It also had this forcing mechanism twice a year. The fundamentals had to align with price more or less twice a year—at the end of the injection season

... See more

“Ben Graham used to talk about Class 1 and Class 2 truths. Class 1 truths were absolutes. Class 2 truths became truths by conviction. If enough people thought a company’s stock was worth X, it became worth X until enough people thought otherwise.” – Buffett