“Investors, of course, can, by their own behavior, make stock ownership highly risky. And many do. Active trading, attempts to ‘time’ market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy.” – Warren Buffett
The product and the process cannot be separated—both must be analyzed together, with the product being understood in the context of the process.
William Zinsser: “I want to teach them how to write. If the process is sound, the product will take care of itself, and sales are likely to follow.”
Not every penny is earned equally
Not every nutrition is absorbed equally
Related:
- Ludwig Lachmann
- Especially, in how the Control Structure can affect the Plan Structure (and the Portfolio Structure), as indirectly elaborated by Warren Buffett
- 2-1b2b0.1 Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.
- 2-1b2e2 Knowledge doesn’t care how it’s replicated and its impact on the knowledge bearing entities. What matters is whether the content is replicated, and there’s space for creativity and variation here.
- 2-1b2f ‘Equivalence’ - Reality doesn’t care genealogy. Solving problems is what matters. How it’s done matters less.
- 3-1a2 The problem itself doesn’t care how it’s solved. Everything should be structured around solving problems.
- 9-2b1.2 Marshall McLuhan - ‘It is the medium itself that is the message, not the content’
- 9-2b1.4 Where you put your writing on can affect how you write
- 12-1e4 Nothing is objectively and independently good