Sublime

not as a victor but as a victim.

Andy began to read some investment books. He liked Benjamin Graham’s classic, The Intelligent Investor. Ben Graham taught at Columbia University. His best student was Warren Buffett, the man who many people consider to be the greatest investor of all time. Late in his life, Ben Graham also supported the index fund concept, much as Warren Buffett do

As Fischer Black notes, “Noise makes financial markets possible, but it also makes them imperfect.” No noise, no action.

A skilled advisor is not just someone who knows investments—it’s someone who knows their clients well enough to know what combination of investments will work for each person. Serving as my own advisor, I’ve learned to differentiate between what works for other people and what works for me personally.

River Out of Eden.

Throughout this book, I have professed a number of my more controversial beliefs about how asset managers should go about their business. I believe that a systematic approach to investing is optimal and that manager discretion should be very limited. For one, I believe that managers should be paid for the degree to which they adhere to a process an

The good news is, if you’re long and the market is going up and you don’t have a clue as to why, you get to keep all the money. Every cent. They don’t charge you a single penny if you were “only lucky.” The bad news is, if the market is going up and you’re short and you know exactly why it’s up, you don’t get any money back.