We used to discover information through traditional media and journalists. Now, we discover it through markets. And when enough people have money on an outcome, markets often become the fastest aggregator of truth.
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The record of a money manager who merely stays close to the market is not an outstanding record—it is a record of someone who has successfully rationalized doing nothing. The question is not whether you beat the market, but whether you had the intellectual honesty to know when you had no edge and the discipline to act accordingly.
Seth Klarman — Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor
To be in hell is to drift; to be in heaven is to steer.
George Bernard Shaw — Man and Superman
Why I think we've hit an intelligence overhang and what that means for which model variables actually matter now
Claire Vo