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if you’re unwilling to take a position so bold that it can embarrass you if it fails, it’s correspondingly impossible to take a position that can make a real difference if it works out well.
“The market, like the Lord, helps those who help themselves,” Buffett says. “But unlike the Lord, the market does not forgive those who know not what they do.”
“The wise [investors] bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.”23
the business of mutual funds has turned into a senseless short-term game of who has the best performance, measured totally by price.
