There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
We fight for lost causes because we know that our defeat and dismay may be the preface to our successors' victory, though that victory itself will be temporary; we fight rather to keep something alive than in the expectation that anything will triumph.
I didn't listen to half of the criticism I received. I just didn't let it enter my brain. It affects people around me, but it was my job to see through that. When you are in charge of a top club, where expectations are high you have to deal with that.
William James once made an acute point about the relationship between happiness and expectation. He argued that satisfaction with ourselves does not require us to succeed in every endeavour. We are not always humiliated by failing; we are humiliated only if we first invest our pride and sense of worth in a given achievement and then do not reach it.
Expectations always lead to frustrations. Expectations are the seeds, and frustration is the crop that sooner or later you will have to reap. It is your own doing.
We changed again, and yet again, and it was now too late and too far to go back, and I went on. And the mists had all solemnly risen now, and the world lay spread before me.
You cannot live with expectations because life has no obligation to fulfill your desires. You can live with an open heart, but you cannot live with expectations. The more expectations you have, the more frustrated you will be.
With every one, the expectation of a misfortune constitutes a dreadful, punishment. Suffering then assumes the proportions of the unknown, which is the soul's infinite.
Nine times out of ten, I'm trying to meet someone else's expectations, whether it's the director or the writer or the animator, when I go back in to re-record a line. I'm the icing on the cake, but the cake is the thing. I'm really just a hood ornament on a very solid vehicle.
The fourth (of the four cardinal virtues) is supportiveness: this manifests as service to others without expectation of reward. (Paraphrased: Such service is not a mere conforming to some external rule of behavior, but instead a manifestation of your original nature).
We fight for lost causes because we know that our defeat and dismay may be the preface to our successors' victory, though that victory itself will be temporary; we fight rather to keep something alive than in the expectation that anything will triumph.