“Is there a greater tragedy imaginable than that, in our endeavour consciously to shape our future in accordance with high ideals, we should in fact unwittingly produce the very opposite of what we have been striving for?” ShouldHas BeensFactsGreaterProduceShapesIdealsOppositesTragedyStriveInvestingOur FutureEndeavour Author:Friedrich August von Hayek
“A minuscule 4 percent of funds produce market-beating after-tax results with a scant 0.6 percent (annual) margin of gain. The 96 percent of funds that fail to meet or beat the Vanguard 500 Index Fund lose by a wealth-destroying margin of 4.8 percent per annum.” LosesWealthResultsFailingProduceTaxesBeatsPercentGainsInvestingFundDestroyingMarginsAnnualsVanguardIndex Funds Author:David F. Swensen
“The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.” PeopleSchoolGivenAbilityNumbersRecordsProduceDependsInvestmentInvestingTrackProfitManagersTrack RecordDental Book:Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets Source: Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets
“Ask yourself whether you have earned the right to have an opinion. Opinions are easy to produce, so bad ones abound. Knowing that you don't know something is nearly as valuable as knowing it. The worst situation is thinking you know something when you don't.” ThinkingKnowsLifeAsksEasyGrowthSituationOpinionKnowingWorstProducePersonal GrowthInvestingValuableWorst Situation Author:Ray Dalio
“Remember that experience creates internalization. Doing things repeatedly leads to internalization, which produces a quality of understanding that is generally vastly superior to intellectualized learning.” LifeRememberUnderstandingGrowthQualityProducePersonal GrowthInvestingSuperiors Author:Ray Dalio