Edge also implies what Ben Graham....called a margin of safety. You have a margin of safety when you buy an asset at a price that is substantially le….

Onlookers frequently confuse edge with style...Edge means generating excess returns because of mispricing. Style suggests being in the right place at….

A thoughtful investment process contemplates both probability and payoffs and carefully considers where the consensus - as revealed by a price - may ….

People are, by and large, quite poor at judging correct absolute values but are astute about determining relative values. Psychologists call this coh….

Humans have a strong desire to be part of a group. That desire makes us susceptible to fads, fashions, and idea contagions..

We have no control over outcomes, but we can control the process. Of course, outcomes matter, but by focusing our attention on process, we maximize o….

Emphasising what's in your control allows you to adopt an attitude of equanimity toward luck. You've done what you can, and from there you have to li….

At the core of an analytical edge is an ability to systematically distinguish between fundamentals and expectations. Fundamentals are a well thought ….

The plural on anecdote is not evidence.