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What made Graham so brilliant is not the calculations he performed to determine intrinsic value, but rather the understanding that determining exact values are both impossible and not a prerequisite for success.
In a winner's game the outcome is determined by the correct actions of the winner. In a loser's game, the outcome is determined by mistakes made by the loser.1 —Charlie Ellis
Bad things tend to happen when we compare our portfolios with others, especially if they possess a lesser IQ and extracted a higher return.
“Concentrate to get rich, diversify to stay rich.”
Warren Buffett said, “If you understand chapters 8 and 20 of The Intelligent Investor and chapter 12 of The General Theory, you don't need to read anything else and you can turn off your TV.”
If you're going to win the equivalent of the lottery, with returns of 1,000% or more, you have to bet against consensus. And I don't mean that one or two of your friends disagree with you. I mean everybody disagrees with you to the point that they think you're insane.
