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Guruprasad's avatar

Nicely written. Aligns well with Buffett's thoughts about developing a circle of competence and more importantly knowing the boundaries of that circle. And Munger's quote "“The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.” Key really is to know for yourself when you have that edge/odds and then act accordingly.

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sharad's avatar

Thank you for brilliant post.

market is efficient most of the time except in extremes

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