what I learned in 25 years of investing

25 years of investing have taught me two things that seem contradictory, but really aren’t. The market is incredibly inefficient. These NFT’s selling for many millions of dollars, companies with no earnings, and a million dollars in revenue having a 1 billion dollar market cap, etc. At the same time, it is almost impossible to exploit those inefficiencies. I am happy beating the market by a point or two. I have tried so many things that historically have done great and just stop working. Buying small value, buying the market style that has done the best over the prior three months, screens, etc.

There are a very few like Jim, and Saul who can do very well, but they are the small exception.

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There are a very few like Jim, and Saul who can do very well, but they are the small exception.

Though it’s nice to be thought well of, don’t assume my portfolio does amazingly well.
It’s not as if I post every day about my massive losers : )

Jim

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There are a very few like Jim, and Saul who can do very well, but they are the small exception.

The lessons of Nasim Taleb’s Fooled by Randomness are so easily forgotten.

Elan

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