We're getting more and more evidence there might be like no amount of football that is actually safe for people to play.
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The difference between a good investor and a great one isn't the ability to find more opportunities — it's the discipline to do nothing when there are none worth taking. Most of the money in investing is made by sitting, not by acting.
Howard Marks — The Most Important Thing Illuminated
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
There's a persuasive argument that financial engineering helps secure global trade by allowing producers and consumers to unbundle risk, and it finds its nemesis in the potato.
FT Alphaville