The Lesson Of Buffett Was:

The Only Thing History Teaches Us, A Wise Man Once Said, Is That History Doesn’t Teach Us Anything.

Warren Buffett Is Fond Of Saying That Any Player Unaware Of The Fool In The Market Probably Is The Fool In The Market.

Everything, In Retrospect, Is Obvious. But If Everything Were Obvious, Authors Of Histories Of Financial Folly Would Be Rich . . .

He Was Ignorant, But A Lot Of People Mistook Ignorance For Stupidity, And Knowingness For Intelligence.

The Incentive For The Outsider Is To Attack The System Right Up To The Moment He Is Co-opted By It. The Incentive For The Insider -and This Took Some Getting Used To- Is To Allow Yourself To Be Attacked, And Then Co-opt Your Most Ferocious Attackers, And Their Best Ideas. The Effect On The System As A Whole Is To Make It More Stable, Because Everyone Winds Up Working On Its Behalf.