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Always a great read from the best performing hedge fund manager in 2020.
Always a great read from the best performing hedge fund manager in 2020.
“No one should expect that any logical argument or any experience could shake the almost religious fervor of those who believe in salvation through spending and credit expansion.” - Mises
"The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence: The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy." - Henry Hazlitt
"Underlying Mises' observations throughout was the basic unruliness of market prices, of their inherent subjectivity — a subjectivity that stems from the perceptions, needs, tastes, and impatience of humans." - Spitznagel
"Civilizations advance through the accumulation of highly configured capital, which does not thrive amid extreme volatility and destruction; on the contrary, capitalism wants stability — but also the free competitive transferral of resources" - Spitznagel
"That which shrinks, must first expand. That which fails, must first be strong. That which is cast down, must first be raised. Before receiving, there must be giving." - Laozi
"To win a hundred victories in a hundred battles is not the highest excellence; the highest excellence is to subdue the enemy's army without fighting at all." - Sunzi
