The harm which a tariff does is invisible. There are people that don't have jobs because of tariffs but they don't know it. - Milton Friedman
H/t Fat Tailed and Happy
“Einstein was right about relativity, but even he would have had a difficult time applying relative valuation in today’s stock markets.”
– Prof. Aswath Damodaran
If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor.
–Charlie Munger
“We have to practice defensive investing, since many of the outcomes are likely to go against us. It’s more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones.”
― Howard Marks, The Most Important Thing: Uncommon S...