Summary :
Investing is hard—as hard as Chinese arithmetic, as another friend of mine used to say. It’s onerous, treacherous, humiliating, and subject to extreme weather conditions. My old partner Fred Kittler said it best: “The stock market trades to inflict the maximum amount of pain.” I don’t know about you, but I have a very low threshold of pain. Yet I spent a career on Wall Street, first as an analyst following volatile technology companies, as an investment banker, a venture capitalist, and finally running what ended up as a billion-dollar hedge fund. I did it by investing in the fog

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