Popular Highlights
- “Experience is what you got when you didn’t
get what you wanted.”
- Second-level thinking is
deep, complex and convoluted. The second-level thinker takes a great many
things into account:
- Rule number one: most things
will prove to be cyclical. Rule number two: some of the greatest
opportunities for gain and loss come when other people forget rule number
one.
- If prices in efficient
markets already reflect the consensus, then sharing the consensus view
will make you likely to earn just an average return. To beat the market
you must hold an idiosyncratic, or nonconsensus, view.
- “There’s a big
difference between probability and outcome. Probable things fail to happen—and
improbable things happen—all the time.”
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