• If prices inefficient markets already refl ect the consensus, then sharing the consensus view will make you likely to earn just an average return. To beat the market you must hold an idiosyncratic, or nonconsensus, view.
• although the ...

Latticework is similar to the prism of a kaleidoscope. If you only have one bead in your kaleidoscope, everything looks the same. The more beads you add, the more images you see with each turn. You can look at the same objects, but see it in many different ways.

Charley Munger and Warr...

Ingrained patterns are the essence of who we are; they make up our life view and evolve to become the lens through which all new information is processed. Since the human brain is programmed by interacting with others, each individual is incredibly unique. The early inpu...