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The Berkshire Hathaway quote illustrates the diversity point here. Berkshire made a lot more than 10 investments, just those 10 returned most of the money. If t
by hnsmurf 15y ago
The Berkshire Hathaway quote illustrates the diversity point here. Berkshire made a lot more than 10 investments, just those 10 returned most of the money. If they knew in advance what those 10 would be they would have only made those 10 investments, but they didn't so they diversified.
- nazgulnarsil 15y agothis. hindsight bias and the need to create a narrative about chaotic outcomes drives much economic discussion.