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Andrew Schmitz

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“Why, how, did my mother start making her birds? I don't know; I never asked. I suppose it was like growing up with a mother who goes to church on Sundays or gets her hair done every two weeks. Why? How? But the child whose mother goes to church on Sundays does not ask those questions, because to that child, it is a perfectly normal thing to do, to go sit on hard benches in a roomful of people discussing the specifics of a fairy tale (yes, I've shown my hand here, I suppose, but sooner or later you and I will have to have this discussion) and then having cookies and coffee afterward and chatting about the weather.”

“We saw sundials built 300 years ago that are more accurate than any watch or calendar developed electronically today. We got cold feet when it came to crossing the road in Jaipur and decided whatever was on the other side wasn’t worth attempting to cross even on a zebra crossing. We ate in a restaurant that clearly indicated ‘No firearms or guns permitted,’ which made us feel safe. We saw a street fight in Agra over a traffic situation, the only one in the whole ten days. And we learned that when a car driver honks his horn it means, “I’m turning left,” or “I’m turning right,” or “I’m going straight ahead,” or “I’m overtaking on the inside,” or “I’m overtaking on the outside,” or “I just feel like honking my horn for absolutely no reason whatsoever other than I haven’t done it in a while.”

“A trader needs to be highly skilled and extremely lucky to beat the market consistently. If a trader is highly skilled but not lucky enough or extremely lucky but modestly skilled, he will beat the market occasionally but not consistently. Traders that are modestly skilled and modestly lucky will briefly beat the market but will be behind the market most of the time. Everybody else will lose money on a long-term basis, that is, 90% of the traders.”