Man knows that there is love, but he does not know what love is.
You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.
As an investor my job is to figure out what will happen rather than what should happen.
One of the best investors around, Joel Greenblatt, has written a popular, charming and funny book about investing in great companies at low PE multiples. To simplify an already simple book, great companies are generally measured as companies that can generate lots of profit without requiring a lot of capital. This means that they have high ROEs.
The loss was not bad luck. It was bad analysis.
In the real world, illiquid assets carry a discount.
When people ask me what I do for a living, I generally tell them 'I run a hedge fund. ' The majority give me a strange look, so I quickly add, 'I am a money manager. ' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor. ' Everyone knows what that is.
Any disaster is a learning process.
I choose what to wear depending on how I feel and what I'm comfortable in. That's when you look your best.
We assume a common sense as the necessary condition of the universal communicability of our knowledge, which is presupposed in every logic and every principle of knowledge that is not one of skepticism.
You cannot go beyond a certain limit in your expenditure if you want to bring back money from your local market, which is very small after Pakistan.