“My students
sometimes ask, “What do you do for a company that is in a competitive industry,
or technology is causing major changes, or new products are coming out, or some
other circumstance makes it very difficult to estimate what future earnings
might be?” I tell them to just skip that company and find a company that they
can analyze. It is very important to know what you don’t know.” –Joel
Greenblatt (as quoted in the book Hedge Fund
Market Wizards)
