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When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.

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Outperforming the market with low volatility on a consistent basis is an impossibility. I outperformed the market for 30-odd years, but not with low volatility.

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The scope for improvement is infinite, precisely because perfection is unattainable.

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There is always a divergence between our perception and what actually exists.

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The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.

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Investing is about predicting the future, and predicting the future is about patterns.

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I have made my share of mistakes. There is no shame in admitting them and learning from them.

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Capitalism is not perfect, but it offers the best chance for progress and prosperity.

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世の中に偶然はない。あるのは必然だけ。貴方達が出会ったのも また 必然。

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Scientific method seeks to understand things as they are, while alchemy seeks to bring about a desired state of affairs.

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