"I’ve probably had a hundred ideas of things that should be shorted, and I would say that almost every one of them have turned out to be correct. And I’ll bet if I’d tried to do it and make money out of it, I probably would have lost money, I would have had no fun, and the opportunity cost, as Charlie said, would have been enormous. Because if somebody’s running something that’s semi-fraudulent, they’re probably pretty good at it and they’re working full time at it and they’ve succeeded for a while and they may keep succeeding. And if they succeed and you go in at X and it goes to 5X, you know, all you’re hoping after a while it that it goes back to X again or something of the sort. It’s a very tough psychological game to play. Few people may be well-suited for it. I would never put any money with a short fund, but not because I would think it would be ethically wrong. I just think they’re unlikely to make money." --Warren Buffett (2006)
Broyhill Asset Management's ValueX Vail presentation on KAR Auction Services (LINK)
My View On: Student Debt Forgiveness - by Cullen Roche (LINK)
The American Retreat, Part I: Oil - by Peter Zeihan (LINK)
Crazy/Genius Podcast: How Has Netflix Changed Entertainment? (LINK)
"It is one thing to set up a mathematical model that appears to explain everything. But when we face the struggle of daily life, of constant trial and error, the ambiguity of the facts as well as the power of the human heartbeat can obliterate the model in short order." --Peter L. Bernstein (Against the Gods: The Remarkable Story of Risk)