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The great art dealers operated like index funds. They bought everything they could. And they bought it in portfolios, not individual pieces they happened to like. Then they sat and waited for a few winners to emerge.
That’s all that happens.
Perhaps 99% of the works someone like Berggruen acquired in his life turned out to be of little value. But that doesn’t particularly matter if the other 1% turn out to be the work of someone like Picasso. Berggruen could be wrong most of the time and still end up stupendously right.
The Psychology of Money
Morgan Housel
I don’t measure my effectiveness at all. I don’t believe in self-measurement. I feel like this is a form of self-discipline, self-punishment, and self-conflict.
The Almanack of Naval Ravikant
Eric Jorgenson
We spend so much effort trying to improve our income, skills, and ability to forecast the future—all good stuff worthy of our attention. But on the other side there’s an almost complete ignorance of expectations, especially managing them with as much effort as we put into changing our circumstances.
Same as Ever
Morgan Housel
...catch up on these, and many more highlights
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