We assume that what's in our head is plain to see to everyone around us. But the thoughts and feelings we have are invisible to others. And when we forget this, and communicate as if our inner world is on full display, conversations go wrong.
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It is not the answer that enlightens, but the question. And to ask the right question, one must first unlearn the comfortable certainty that one already knows.
Eugene Ionesco — Découvertes
The single greatest edge an investor can have is a long-term orientation. Most of the competition is focused on the next quarter; if you can honestly say you don't care about the next three years, you've already eliminated most of your rivals before the game begins.
Seth Klarman — Baupost Group Annual Letter
The one thing I would say is that the optimal amount of hassle and stress is not zero. Eliminating all friction is often the goal, but a life or portfolio with no friction is also one with no growth, no learning, and no resilience. The question is which frictions are worth tolerating.
Morgan Housel — The Collaborative Fund Blog