Zitat des Tages von Mohnish Pabrai:
Industries with rapid change are the enemy of the investor. Tech businesses, particularly biotech, is a problem from that point of view. All industries work with change, but you should ideally be investing in businesses with a low rate of change, not a high rate of change.
The problem most nonprofits have is that they are run by romantics who are great to hang out with, but they have no clue.
I have a hard time getting past the day without the nap, so the nap is a must.
You know, my degrees are in computer engineering. I spent a lot of time in the tech industry. And I like to say that I don't invest in tech because I spent time in it. And I saw firsthand that the durability of technology moats is many times an oxymoron.
Mistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets much more firmly seared in when they are your own.
We Americans love original ideas. But truly, there are already plenty of good ones out there, ours for the taking. If I were too proud to copy the ideas of others, I likely wouldn't have even a fraction of my current success.
I think a lot of people are getting more serious about how to do the most good, but there is no road map. I'm hoping I can offer an example.
The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.
