Substituting the discount rate for the ever increasing chance of death and a dollar for joy, joy today is worth more than joy tomorrow.
...there should be no place in a portfolio for hedge funds. There are lots of reasons, but the main one is simple: Investing in hedge funds is a great way to increase the odds of underperformance.
The 5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing Right
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...there should be no place in a portfolio for hedge funds. There are lots of reasons, but the main one is simple: Investing in hedge funds is a great way to increase the odds of underperformance.
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I'd encourage [you] to think big and be delusional when setting goals. Yes, delusional. The biggest mistake that I made with my first business was I didn't think big enough. I limited my success by just focusing on a small geographic area and focusing on hitting small sales targets. Now when I set my goals, I make sure that they are ridiculous. I prefer to work extremely hard and fall short on my ridiculous goals than to achieve mediocre goals.
(_) my money guy Richard is going without a tie now, like a politician who wants to appeal to the suffering common man (or perhaps every morning his firm takes the ties and shoelaces away from the brokers and financial planners to keep them from offing themselves)
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There are brains so smart in finance and unconsciously reject wealth.