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Findings Quotes

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Findings Quotes

“At the core of an analytical edge is an ability to systematically distinguish between fundamentals and expectations. Fundamentals are a well thought out distribution of outcomes, and expectations are what's priced into an asset. A power metaphor is the [pari-mutuel] racetrack. The fundamentals are how fast a given horse will run and the expectations are the odds on the tote board. As any serious handicapper knows, you make money only by finding a mispricing between the performance of the horse and the odds. There are no 'good' or 'bad' horses, just correctly or incorrectly priced ones.”

“The heavy odds against finding the desired... work of art in the mess and flux of life, as opposed to the serene orderliness of imagined reality, give a special tense dazzle and an atmosphere of tour de force to any photographs that succeed in the search.”