Bill Walsh was the head coach of the San Francisco 49ers back in the 1980s where the team won six division titles and three Super Bowls. Here is some wisdom from his philosophy of leadership—The Score Takes Care of Itself. Whether it is in sports or the market, things can unfold differently than we imagine. […]
“We are trying to prove ourselves wrong as quickly as possible, because only in that way can we find progress.” – Richard Feynman Investing is part art, part science. There’s no single formula for success as the future is uncertain, probabilistic, and constantly changing (our forecast changes the outcome). All of which rely on our […]
In investing, knowing what not to do is more important than knowing what to do. But since we don’t have all the time in the world to make all the possible mistakes to figure out what not to do, the best way is to learn from other’s mistakes. In What I Learned Losing A Million […]
In my previous post, I wrote that to achieve outperformance or above-average returns, your investment process has to be ‘unconventional’ compared to the majority. And that can only be achieved through originality, independent or contrarian thinking, and making connections from disparate information. Bill Miller, the former Legg Mason portfolio manager, emphasizes the importance of making […]
The stock market is like a pari-mutuel system of horse racing. Everybody goes there to make a bet and the odds change based on what’s being bet. Everyone can tell a quality company has better profitability, higher return on capital than a company with a terrible record. But when you look at the odds, the […]
What does going into space and investing in the stock market have in common? Both activities engaged in a high risk, high uncertainty environment. Whereas astronauts have to deal with the risk of 526,000 gallons of propellant blowing up beside them during takeoff or the shuttle disintegrating during re-entry into Earth’s atmosphere at 7.8 km […]