STREET DOGS: There is nothing reliable to be learnt about making money
Study of economics, business cycles and security analysis does not guarantee success
“There is nothing reliable to be learnt about making money. If there were, study would be intense and everyone with a positive IQ would be rich.” — John Kenneth Galbraith.
“Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings, and that takes all of the fun out of the game. If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change. I always knew that, but they were teaching my colleagues that the market is so efficient that no-one can beat it. I never went near a business school, so my mind wasn’t polluted by this craziness. People are trying to be smart — all I am trying to do is not to be idiotic, but it’s harder than most people think.” — Charlie Munger...