“If you’re honest with yourself, you’ll see that a little inefficiency is the ideal spot to be in. Same with analysis. There’s an investing quip that it’s better to be approximately right than precisely wrong. But where does the intellectual effort go in the investment industry? Toward the pursuit of precisions—decimal-point exactness that deludes people into thinking they’re not leaving opportunity on the table, when more often they are leaving no room for error for their analysis to be wrong.”