"No matter how much evidence that seers do not exist, suckers will pay for the existence of seers."https://twitter.com/morganhousel/status/1388916695318761480 …
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"To justify those prices they all have to meet your expectations. ... The other portfolio has all the companies we don’t like or don’t care about. ... And since we haven’t paid for the expectation that any will do well, that is the portfolio with the odds in its favor"
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"Next, we talked about some qualities you and I can bring to our jobs a tolerance for nonsense, “Beginner’s Mind”, simplicity, and consistency."
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"But their involvement in this activity may lead them to try to justify the time spent. Furthermore, the greater the unintelligibility, the greater the need to rationalize about the time spent"
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"I doubt that in most cases such extensive efforts will generate sufficiently superior returns to justify their costs.” I think he may have been asking us all, in the same gentle spirit that the question was first put to me . . . .”Do you think you might by trying too hard?"
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End of conversation
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