Since we’re on the topic of horses and betting, this quote from Charlie Munger feels especially relevant right now:
"To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced."
I really enjoyed the article.
Since we’re on the topic of horses and betting, this quote from Charlie Munger feels especially relevant right now:
"To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one chance in two of winning, and that pays three to one. In other words, we're looking for a mispriced gamble. That's what investing is, and you have to know enough to know whether the gamble is mispriced."
Glad you liked it. That Munger quote perfectly captures the point!