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.
The further and further we look out with our telescopes and the further and further we look in with our microscopes, the larger and larger and smaller and smaller the universe becomes in order to escape the investigation because we are the universe looking at itself.
We got together in a few days a company of the toughest old salts imaginable--not pretty to look at, but fellows, by their faces, of the most indomitable spirit.