Whether it was Covid, Trump's advancing age, or his attempted overthrow of the 2020 election that made Trump totally lose faith in everyone but himself, the big man now seems inclined to listen only to the voices in his own head. There's no intellectual movement here, just a cult of personality. There's no one to argue with, because nothing that's happening is based on an argument in the first place.
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The moment you know the truth and you don't say it, you've broken something inside yourself. And I think the accumulation of that over time is what leads to people who are fundamentally not effective leaders, because they've taught themselves to look away from hard things.
Kareem Amin — Invest Like the Best with Patrick O'Shaughnessy
The key insight is that permanent capital changes your relationship with time. You're not managing to a fund life; you're managing to the life of the business. That means you can make decisions that are bad for the next quarter, bad for the next year, but right for the next decade.
Vlad Barbalat — Invest Like the Best with Patrick O'Shaughnessy
Trump has delivered on his promise of unconditional surrender. The problem is we're the ones unconditionally surrendering.
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