Wer es enträtseln will, muss sich von der statischen Betrachtungsweise lösen und dynamisch denken: Der Wert ist manchmal keine feste Größe, sondern kann variieren und im Zeitverlauf steigen.

For investors it makes sense to have patience in equity investing and to focus on the micro strengths of companies instead of macro ‘insights’ of the market at large.

Business models and investing strategies can be classified the same way: those that are coarse and able to withstand shocks, and those that are highly tuned to do very well in a specific set of circumstances, but poorly in others.