underscored

@underscored

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The dealer's hand is the most important hand at the table, yet most investors spend all their time analyzing the other players. In markets, you must understand what the seller knows that you don't — not just what you believe the asset is worth.

Seth Klarman, Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor (1991)
3w ago

Our guiding principle was to assume that, if there was a deal rumour in circulation, it was already being traded on. Getting an accurate story out there as quickly as possible was helping to keep the market honest. Let sunlight be the disinfectant.

1mo ago

It takes effort to find information. Who is going to go out and spend the effort to find out information about what stocks or bonds or houses are really worth, if they can't make money trading on that information? And if no one spends the effort to find the information, how can it ever be incorporated into the price in the first place?

6mo ago
whyisthisinteresting
The Havana Syndrome Edition

For nearly a decade, the U.S. government has been running two parallel tracks on this issue: what it privately considered plausible and what it was willing to say out loud. The official Intelligence Community Assessment, issued in 2023 and reaffirmed in 2025, concluded it was "very unlikely" that a foreign adversary was responsible. It used carefully calibrated and lawyerly language that seemed designed to close a door without closing the deadbolt. Meanwhile, Biden administration officials were privately telling victims at a White House meeting in late 2024: we believe you.

6mo ago

Underscored — save the words that stop you in your tracks.

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