I view Bogle as an undercover philanthropist. And at a trillion or even half a trillion dollars, that would make him the greatest philanthropist of all time.
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Most people overestimate what they can do in one year and underestimate what they can do in ten years. The long-term compounder who does nothing dramatic usually beats the person executing a brilliant short-term strategy.
Jeff Bezos — Amazon Shareholder Letter
The best business is one where you can raise prices without losing customers. The second-best business is one where you can raise prices and gain customers.
Charlie Munger — Berkshire Hathaway Annual Meeting
At the very short end [of latency], opportunities have compressed; at the very long end, premia are crowded. Naturally, capital and talent migrate towards the middle.
FT Alphaville