“There’s been far, far, far more money made through salesmanship abilities than through investment abilities. And the people you pay to help identify (future outperformers) don’t know how to identify them. They do know how to sell you.”
“The odds change as our position in the cycles changes. If we don’t change our investment stance as these things change, we are being passive regarding cycles; in other words, we’re ignoring the chance to tilt the odds in our favor.
