7-1a4a1 Wealth created ≠ the P&L of a business. Remember - you get what you measure.
2-1a7a2 Assets with actual substance or weight have the best prospects over the long term
2-1a7a3 Ben Graham - ‘Markets are a voting machine in the short term and a weighing machine in the long term’
3-1a4b2a A great business at a fair price is superior to a fair business at a great price
3-1a4b2 Price can only convey so much
12-1f 言葉と物事の関係性が一対である必要性はない (e.g., 二項同体)
5-1b4a Amara’s law - we expect too much in the short-run, but too little in the long-run
5-1b4a0 We overestimate the technological impact in the next 10 years, but underestimate the next 20 (and often right about 15 years later)
6-3b2.3a Credit is not money
6-3b2.3c When the money is printed, financial assets appreciate