“Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.” WorldYearsRealHappensOpportunityGamesModernChangedTheoryReturnCostFindingsEconomicsInvestmentCompareAttractiveReal WorldPortfoliosFreshmanDreamlandOpportunity Cost Author:Charlie Munger
“When you consider the sheer magnitude of investable equities to choose from in the world's emerging markets, you realize that finding one that looks attractive enough to warrant investing your faith and assets in is as formidable a task as finding a needle in a haystack. Fortunately, researching investment opportunities is a lot more interesting than digging for needles in haystacks.” WorldLooksEnoughOpportunityRealizingInterestingFindingsTasksInvestmentInvestingAttractiveAssetsSheerEquityEmergingNeedlesDiggingMagnitudeFormidableWarrantsEmerging MarketsNeedle In A Haystack Author:Mark Mobius