Most of us recognize that we don't always act in our own best interests. We procrastinate. We reach for the candy bar instead of the apple. We say things we later regret. Psychologists have long recognized that our behavior is shaped by mental maps — internal representations of the world that guide our actions, often without our awareness.
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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
It is the mark of an educated mind to be able to entertain a thought without accepting it.
Aristotle — Nicomachean Ethics
It is not the answer that enlightens, but the question. Déceler, c'est créer. To detect is to create.
Eugène Ionesco — Découvertes