“Some books leave us free, and some books make us free.” - Ralph Waldo Emerson
“First lesson in business is: Don't get emotional about stock, clouds your judgement.” - Gordon Gekko
“The wolf will hire himself out very cheaply as a shepherd.” - Russian Proverb
In the preface to the 6th Edition of Security Analysis, Seth Klarman notes in the forward of this great publication the fact that Individual investors with skin-in-the-game dominated stock exchanges in the 1930's. Almost a century ago many in the western world created food & energy and one could argue those with capital to deploy into the stock market may have been more sophisticated investors prudently reading balance sheets seeking opportunities based upon math.
Big wave surfers don't gamble with their life upon less than the highest quality gear or crew. Riding the largest inertia in the ocean requires experience & preparation.
Receiving instructions & critique regarding your background when you are seen as a unsound drunken failure has its benefits. Exercising Prudence when others fabricate emotional discussions based on narrative is recommended (mentor at Honeywell Commercial Aviation Systems).
Real Estate in North America was a hot topic (Florida) on Thanksgiving Day 2007.
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