The economist looks at the forest and glances at the trees. The investor looks at the trees and glances at the forest.

Intellectual Framework

Some information may offer the promise of answers but they don't deliver. Investing requires that you focus on the business and less on the economy.

Success requires the work of generating ideas and capital. It requires the wisdom to differentiate between good and bad ideas. It requires the patience to wait for opportunity, then for results. The courage to act when your data and logic tell you and not what the market says. The temperament to do nothing when there is nothing you should be doing. The competence to manage the business and above all luck

Intellectual Framework