The Best Paragraph I Have Read All Week.
"Since other investors may be smart, well-informed and highly computerised, you must find an edge they don't have. You must think of something they haven't thought of, see things they miss or bring insight they don't possess. You have to react differently and behave differently. In short, being right may be a necessary condition for investment success, but it won't be sufficient. You must be more right than others ... which by definition means your thinking has to be different."
Howard Marks "The Most Important Thing: Illuminated."