
Elementary, Worldly Wisdom as It Relates to Investment and Business (1994) - febin
http://old.ycombinator.com/munger.html
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SomewhatLikely
I find this point interesting. Anyone have any theories?

 _Here 's a model that we've had trouble with. Maybe you'll be able to figure
it out better. Many markets get down to two or three big competitors—or five
or six. And in some of those markets, nobody makes any money to speak of. But
in others, everybody does very well._

 _Over the years, we 've tried to figure out why the competition in some
markets gets sort of rational from the investor's point of view so that the
shareholders do well, and in other markets, there's destructive competition
that destroys shareholder wealth._

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SomewhatLikely
I first learned at a young age of the efficient market hypothesis from
Malkiel's Random Walk Down Wall Street. Rather than dissuading me from
investing, it gave me confidence that if the theory's right then my choices
should perform about average anyway. And if it's wrong, then I would have a
chance to do well if I did my homework. I've done alright, but realized pretty
quickly that it's much easier, more predictable, and less stressful to invest
in my education and job skills. Investing in these can easily gain you seven
figures additional cumulative income over your lifetime, something quite
difficult to achieve in investing without either large starting capital or a
very large edge.

