A batch of the best highlights from what Edwin's read, .
First, risk of loss does not necessarily stem from weak fundamentals. A fundamentally weak asset—a less-than-stellar company’s stock, a speculative-grade bond or a building in the wrong part of town—can make for a very successful investment if bought at a low-enough price.
The Most Important Thing Illuminated
Howard Marks, Paul Johnson
Any object viewed from a single perspective is two-dimensional. Our mind, empowered by previous experience, often completes the mental image, but the reality is that all we really know is our own unique angle on a situation. Everything else is informed guesswork.
On Character
Stanley McChrystal
At this point, each animal will be eating an amount of food that we will define as the subsistence level.