EDGE

The difference between investing and gambling is that in investing, you can do research. In gambling, the house always knows more than you. In markets, sometimes you can know more.

We spend more on technology than most tech companies our size. That is not a cost. That is the business.

Information arbitrage is the best edge in business. Read widely across unrelated fields. The person who reads about biology AND marketing AND history connects dots that specialists never see.

Family-controlled companies can invest for 20 years without turning a profit. Public companies with activist shareholders can barely think past the next quarter. That gap is my edge.

Curiosity is the most underrated investment edge.

Complexity is where the opportunity lives. Simple situations attract too much competition.

The best biotech investments come from understanding the science better than Wall Street does.

Investing in both public and private markets gives you an information edge that pure public investors don't have.

I read for 14 hours a day. I'm not smarter than other investors. I just read more.

The casino doesn't win every hand. But over a million hands, the house edge is unbeatable. That's my approach.

You don't need to be right most of the time. You need to be right 50.75% of the time across millions of trades.

The most profitable investments are the ones nobody else wants to touch. Complexity is a moat.

The less people know about what we do, the longer we can keep doing it successfully.

The markets are not random. They just look that way to someone without a real edge.