A courage which looks easy & yet is rare; the courage of a teacher repeating day after day the same lessons - the least rewarded of all forms of courage.
You know that kind of quiver that trembles around through you when you are seeing something so strange and enchanting and wonderful that it is just a fearful joy to be alive and look at it; and you know how you gaze, and your lips turn dry and your breath comes short, but you wouldn't be anywhere but there, not for the world.
Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.
If someone came to me and said, "Your strategy in your post-presidency is brilliant," as if I had figured out a way to make me look better, to me, that analysis is amusing.