We assume that if we are thinking something, other people can see it too. The problem is that our thoughts and feelings are invisible to others. What is obvious to us is often completely hidden to everyone else.
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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