The best business returns are usually achieved by companies that are doing something that is quite easy to understand. The trick is getting first to a strong market position and then exploiting the advantages that follow. What you want is a natural franchise. A company can have a perfectly marvelous product and still be in a lousy business.

Peter Lynch — One Up on Wall Street

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investingcompetitive-advantagemental-models

Risk means more things can happen than will happen. The practical definition of risk is not volatility or a standard deviation — it's the possibility of permanent loss of capital. Volatility is opportunity dressed in frightening clothes.

Howard Marks — The Most Important Thing: Uncommon Sense for the Thoughtful Investor

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investingriskmental-models

I think it comes down to whether you think AI is more Oil or God, more 'an economically useful commodity that can be scaled and refined to act as a multiplier on everything we do' or 'supremely intelligent and powerful being that's going to wake up and make humanity subservient (if we're lucky).'

Packy McCormick

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artificial-intelligencetechnologymental-models