Like Most Trends, At The Beginning It's

The Stockmarket Is A Semi-psychotic Creature Given To Extremes Of Elation And Despair.

My Job Is Essentially Just Corralling More And More And More Facts And Information, And Occasionally Seeing Whether That Leads To Some Action.

No Formula In Finance Tells You That The Moat Is 28 Feet Wide And 16 Feet Deep. That's What Drives The Academics Crazy. They Can Compute Standard Deviations And Betas, But They Can't Understand Moats.

Having A Large Amount Of Leverage Is Like Driving A Car With A Dagger On The Steering Wheel Pointed At Your Heart. If You Do That, You Will Be A Better Driver. There Will Be Fewer Accidents But When They Happen, They Will Be Fatal.

Trust Is Like The Air We Breathe--when It's Present, Nobody Really Notices; When It's Absent, Everybody Notices.