The danger isn't that AI makes us less intelligent. It's that it allows us to avoid the work through which intelligence develops.
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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