To be an active investor, you must believe in inefficiency and efficiency. You need inefficiency to get opportunities and efficiency for those opportunities to turn into returns. ~ Michael Mauboussin A limited amount of alpha exists out there in the trading universe. And these excess returns come from errors, missteps, and knee-jerk reactions from the . . . How do you know if you have found a business that has all the qualities of a ‘reinvestment moat’ firm? According to Connor Leonard of Investors Management Corporation, the... read more The world’s wealthiest people are also the most mobile.