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December 23 - December 27, 2022
“You know the economists talk about the efficient market where everything is equalized out and nobody can make any money really, it’s all luck and so on,” Shannon once said. “I don’t believe that’s true at all.”
Warren Buffett marveled at how “ten or 15 guys with an average IQ of maybe 170” could get themselves “into a position where they can lose all their money.” That was much the sentiment of Daniel Bernoulli, way back in 1738, when he wrote: “A man who risks his entire fortune acts like a simpleton, however great may be the possible gain.”
Cautionary words for those who think they are smarter...
