There have been occasions in my later life (I suppose as in most lives) when I have felt for a time as if a thick curtain had fallen on all its interest and romance, to shut me out from anything save dull endurance any more. Never has that curtain dropped so heavy and blank, as when my way in life lay stretched out straight before me through the newly-entered road of apprenticeship to Joe.
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.
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.
It seemed an advantage to be traveling alone. Our responses to the world are crucially moulded by the company we keep, for we temper our curiosity to fit in with the expectations of others...Being closely observed by a companion can also inhibit our observation of others; then, too, we may become caught up in adjusting ourselves to the companion's questions and remarks, or feel the need to make ourselves seem more normal than is good for our curiosity.
I see knowledge increasing and human power increasing, I see everincreasing possibilities before life, and I see no limits set to it all. Existence impresses me as a perpetual dawn. Our lives, as I apprehend them, swim in expectation.
With a popular show, you know that there's expectations there, so that's a little nerve-wracking when you're new and you're just trying to find your legs on something, but it's exciting, too, because that's what we work so hard for.
Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.