The fundamental law of investing is the uncertainty of the future. Peter Bernstein Although clearly not a scientific law, the above is one of my favorite quotes about investing because the emphasis is rightfully on the unknowable future. There are no calculable answers, there are equally justifiable bull and bear arguments, and there are plenty of … Continue reading Uncertainty and Luck →

“In fact, you can argue that if you're not willing to react with equanimity to a market price decline of 50% two or three times a century you're not fit to be a common shareholder, and you deserve the mediocre result you're going to get compared to the people who do have the temperament, who … Continue reading A Bat Swan →

Welcome to my Reflections on Investing.  “Why are great investors so highly lauded? What makes them great? Can anyone become great?” Simple questions sparked my interest; complex answers solidified my passion.  I am completely fascinated by the intellectual and emotional challenge of investing. The discipline offers an unparalleled opportunity to learn about businesses, society, markets, … Continue reading Hello (investing) World* →