How Do You Beat Bobby Fischer? You

Traditional Wisdom Is Long On Tradition And Short On Wisdom.

I Mean, They Were Getting The Mortgage Of Some Guy In Omaha, You Know, Securitized A Couple Of Times. I Mean He Had All These - They Had All These Types From Wall Street, You Know, And They Had Advanced Degrees, And They Look Very Alert, And They Came With These - They Came With These Things That Said Gamma And Alpha And Sigma And All That. And All I Can Say Is Beware Of Geeks, You Know, Bearing Formulas. They've Heard That In Europe.

If You Don’t Feel Comfortable Making A Rough Estimate Of The Asset’s Future Earnings, Just Forget It And Move On. No One Has The Ability To Evaluate Every Investment Possibility. But Omniscience Isn’t Necessary; You Only Need To Understand The Actions You Undertake.

The Dominant Factors Affecting Control Valuations Are Earning Power (past And Prospective) And Asset Values.

The Market System Rewards Me Outlandishly For What I Do, But That Doesn't Mean I'm Any More Deserving Of A Good Life Than A Teacher Or A Doctor Or Someone Who Fights In Afghanistan.