Sublime

“The magic is, you only need to do this simple thing. The simple thing is to find fifteen or twenty good, uncorrelated return streams, things that are probably going to make money—you don’t know, but they have a good probability of making money—that are uncorrelated.”

I finally decided to go to Nevada, partly to silence that irritating jeer often leveled at academics, “Well, if you’re so smart, why aren’t you rich?” As a matter of personal pride and honor I felt that I owed my readers proof that the theory really worked, despite scoffs from casinos that my claims were ridiculous. The clincher was the casino spok

“Be fearful when others are greedy and greedy when others are fearful.” His objective was to outperform the market in the long run and so he judged himself largely on his performance relative to the market.

We have found that the

The trick to this type of market competition (and the key to Dan’s game) is either never to play in the first place or, if we play, to learn quickly when things are not going our way and cut our losses.

also believed then, as I do now after more than fifty years as a money manager, that the surest way to get rich is to play only those gambling games or make those investments where I have an edge.

For the second time, the Ten-Count System had shown moderately heavy losses mixed with “lucky” streaks of the most dazzling brilliance. I learned later that this was a characteristic of a random series of favorable bets. And I would see it again and again in real life in both the gambling and the investment worlds.