"The trick is not to predict an unknowable future, but to try to understand the present, and the probabilities of the various paths that may evolve from it." Bill Miller
Thank you, Michael. I agree that every investor makes a bet on the future (future cash flows). Drawing a distinction between betting on change vs. constant is just a first attempt at grouping people with different mindsets across asset classes. It's overly simplistic in the same way "value vs. growth" is.
Excellent once again :)
Thank you, Conor!
👏 I love the way you write.
In my opinion, even the absence of change is a prediction. We must predict the future - otherwise there would be no way of valuing anything.
Thank you, Michael. I agree that every investor makes a bet on the future (future cash flows). Drawing a distinction between betting on change vs. constant is just a first attempt at grouping people with different mindsets across asset classes. It's overly simplistic in the same way "value vs. growth" is.
Simply superb! Both the breadth and the depth were fantastic.
Thank you so much, Vinay!
Beautiful article
Thanks, Will!