You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.
The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.
The average result has to be the average result. By definition, everybody can’t beat the market. As I always say, the iron rule of life is that only 20% of the people can be in the top fifth. That’s just the way it is.
To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.
