We Change For The Good So Long

People Really Don't Like To Hear Success Explained Away As Luck — Especially Successful People. As They Age, And Succeed, People Feel Their Success Was Somehow Inevitable. They Don't Want To Acknowledge The Role Played By Accident In Their Lives. There Is A Reason For This: The World Does Not Want To Acknowledge It Either. If You Use Better Data, You Can Find Better Values; There Are Always Market Inefficiencies To Exploit, And So On. But It Has A Broader And Less Practical Message: Don't Be Deceived By Life's Outcomes. Life's Outcomes, While Not Entirely Random, Have A Huge Amount Of Luck Baked Into Them. Above All, Recognize That If You Have Had Success, You Have Also Had Luck — And With Luck Comes Obligation.

There Used To Be This Guy Called Vinny Who Worked On The Floor Of The Stock Exchange, Said One Big Investor Who Had Observed The Market For A Long Time. After The Markets Closed Vinny Would Get Into His Cadillac And Drive Out To His Big House In Long Island. Now There Is The Guy Called Vladimir Who Gets Into His Jet And Flies To His Estate In Aspen For The Weekend. I Used To Worry A Little About Vinny. Now I Worry A Lot About Vladimir

People Were Paid Lots Of Money To Make Stupid Decisions, People In Big Banks, And When People Are Paid To Be Stupid They'll Be Stupid. The Question Was, Did They Know They Were Being Stupid Or Were They Just Stupid? I Think You Need To Take It On A Case By Case Basis. There Was Some Sinister Activity, But I Think By And By It Was People Being Incentivised To Do The Wrong Thing.

The Red Sox Are A Curious Thing Because So Much Here Is Media Driven. You Can't Go Fire Half Your Scouts Here Because They Are All Friends With The Local Reporters. Your Life Is Going To Hell In The Papers.

The Pleasure Of Rooting For Goliath Is That You Can Expect To Win. The Pleasure Of Rooting For David Is That, While You Don’t Know What To Expect, You Stand At Least A Chance Of Being Inspired.