Sublime

Pivoting requires gyroscopes, and Elizabeth’s were the best of her era. She balanced purposefulness with imagination, guile, humor, timing, and an economy in movement that, however extravagant her display, kept her steady on the tightrope she walked. Philip’s gyroscopes, if he had any, malfunctioned constantly. She, without visible effort, retained

how professional money managers’ ability to create alpha is exceedingly rare, and what few of these managers there are, you likely will never meet them, as they will choose to raise capital only from the most desirable LPs

One of Olson’s insights is that a complex society begins to reward those who can best navigate complexity. That creates an incentive for its best and brightest to become navigators of complexity and perhaps creators of further complexity. “Every society, whatever its institutions and governing ideology, gives greater rewards to the fittest—the

It seemed really natural to give more funding to people who could do more with it and to find great deals for people who had money but didn’t have differentiated or interesting portfolios.

I think school teaches us maybe the wrong lesson. School teaches us a lesson about mediocrity and being all-rounders. And yet we live in a world that does not reward all-rounders. Who gives a fuck about all-rounders? If you