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So regression to the mean is an indispensable tool for testing the role of luck in performance: Mauboussin notes that slow regression is more often seen in activities dominated by skill, while faster regression is more associated with chance.
Superforecasting
Philip E. Tetlock, Dan Gardner
But all along, what I think is important is, 1) Am I learning?, 2) Am I having fun?, and 3) The IRR will take care of itself. Because if you're learning and having fun, you're gonna have an IRR.
Letter #137: Reece Duca and Bob Casey
KG
Such markets are ideal for any investor—small or large—so long as he sticks to his investment knitting. Volatility caused by money managers who speculate irrationally with huge sums will offer the true investor more chances to make intelligent investment moves. He can be hurt by such volatility only if he is forced, by either financial or psychological pressures, to sell at untoward times.
Berkshire Hathaway Letters to Shareholders, 2016
Warren Buffett
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