They say teenagers can sleep all day. I often used to look at dogs and be amazed by the way they seemed to sleep for twenty hours a day. But I envied them too. It was the kind of lifestyle I could relate to. We didn't sleep for twenty hours, but we gave it our best shot.
Charlie Munger
Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And not one ounce of attention to the descendants of that idea, which came out of academic economics and went into corporate finance and morphed into such obscenities as the capital asset pricing model, which we also paid no attention to. I think you'd have to believe in the tooth fairy to believe that you could easily outperform the market by seven-percentage points per annum just by investing in high volatility stocks.
