Wherever you go and whatever ends you pursue, you must always fulfill the trust reposed in you by your nation, your parents and your alma mater
The loss was not bad luck. It was bad analysis.
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.
In the real world, illiquid assets carry a discount.
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.
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.
I don't even trust myself in my career much less giving somebody else advice.
Confidence means non-paralysis, a willingness to act, and act decisively, to start new things and cut failing ventures off.
I'm not against women. I'm not against men. I just write about me telling my side of how I would say something.
There are things you just can't do in life. You can't beat the phone company, you can't make a waiter see you until he's ready to see you, and you can't go home again.