A Quote by Warren Buffett
It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.
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The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.
There are so many great records that when you grow older, you're like, 'Oh man, this is the best record ever made.' And you're like, 'Oh it didn't get nominated or win a Grammy.' It's countless, how many amazing, classic American records haven't been knighted or whatever.
While I was coaching, I believe the motivation talk I gave my players that achieved the best results was in reference to their present game-day effort. I stressed the fact that today's performance could be the most important of their life. Yesterday's performance was already history. Tomorrow really never comes, so today's performance is what really counts.
In Italy managers are judged simply by results.
I have become increasingly convinced that the past records of mutual fund managers are essentially worthless in predicting future success. The few examples of consistently superior performance occur no more frequently than can be expected by chance.
The debate can be put in the form of the question: Resolved, that the best of money managers cannot be demonstrated to be able to deliver the goods of superior portfolio-selection performance. Any jury that reviews the evidence, and there is a great deal of relevant evidence, must at least come out with the Scottish verdict: Superior investment performance is unproved.
Football is a team sport. I'm proud of what I achieved in my career, but I also know that I wouldn't have achieved any of it without the support of my team-mates. I played with great players, great managers, and in great teams.
Island Records was the first record label to... acknowledge me. After that, quickly, Republic Records, and then Atlantic Records, Sony Records and Warner Bros. It was all the labels at once. It was absolutely insane, like, knowing that this many record labels were interested in me.
At the end of life we will not be judged by how many diplomas we have received, how much money we have made, how many great things we have done. We will be judged by "I was hungry, and you gave me something to eat, I was naked and you clothed me. I was homeless, and you took me in.
Often a performance can be judged not by a movie's strongest moment but by its weakest, especially when it's the picture's crucial scene.
It's important to teach students about the reality of the system, that it is in fact the case that they are being targeted unfairly, that the rules have been set up in a way that authorize unfair treatment of them, and how difficult it is to challenge these laws in the courts. We need to teach them how our politics have changed in recent years, how there has been, in fact, a backlash. But we need to couple that information with stories of how people in the past have challenged these kinds of injustices, and the role that youth have played historically in those struggles.
The number of managers with great track records in a given market depends far more on the number of people who started in the investment business (in place of going to dental school), rather than on their ability to produce profits.
Yes, process and preparations are the most important for me as a player. If preparations are not great, that tends to affect performance. When preparations are perfect you are not searching for results but only counting on performance.
Given how long philosophers have been at conceptual analysis (I mean the 20th century stuff), and how many have been doing it, what can we say are the two most important concept results of all that effort?
America was my home for a very long time, and it's a fascinating, pioneering country that many people look to. In the recent past it hasn't been doing very well, but there's a great new hope now with the election of Obama. America took a very big leap there and proved that it still has the edge as far as being able to do things many other countries may find difficult.
One might think of investment managers as astronomers and CEOs as astronauts. The two roles are radically different with distinct personality traits. Like astronomers, investment managers tend to be introverted, skeptical, and very analytical. CEOs, like astronauts, are the exact opposite, typically being extroverts, optimists, and, well, leaders.
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