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Every bubble has two components: an underlying trend that prevails in reality and a misconception relating to that trend.
- Marcus Nikos
- Feb 2
- 1 min read
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When I started, I didn’t realize that the biggest profits usually come from sitting on a great position — from doing what looks like nothing to the outside world. You have more time than you think, so be patient.
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The generally accepted theory is that financial markets tend towards equilibrium, and on the whole, discount the future correctly. I operate using a different theory, according to which financial markets cannot possibly discount the future correctly because they do not merely discount the future; they help to shape it.
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Every bubble has two components: an underlying trend that prevails in reality and a misconception relating to that trend.
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Difficult decisions require intellectual honesty, being able to see things as they are, not as you want them to be, and then facing up to problems and doing something about them.
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Failure to be honest with yourself is a problem in any business, but it is especially disastrous in an entrepreneurial company, where the risk-reward stakes are so high.
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