No Chance to Win?

Happy Friday! Last week Kirk Kerkorian passed away. If there’s anyone who understood risk and reward, it was surely him. (He was one of the builders of modern Vegas.) In reflecting on what made him a great investor, I was drawn to this comment he made back in 2006 when he decided to cash in his chips on his investment in GM. (Recall what happened to that “blue chip” in 2008.) Amen of the Week "I like to gamble. But I stop gambling when there's no chance to win." - Kirk Kerkorian, Entrepreneur and Investor Wall Street Journal, Dec. 2, 2006 Might some, if not most, of today’s artificially inflated markets share this same dynamic? Chart of the Week With Kerkorian's comments in

"Overnight" Success

Amen of the Week This past year I've been inspired to read books by folks who have built great businesses. Last week I began Sam Walton's memoirs, and I was really struck by how he describes his "overnight" success. “Somehow over the years, folks have gotten the impression that Wal-Mart was something I dreamed up out of the blue as a middle-aged man, and that it was just this great idea that turned into an overnight success. It's true that I was forty-four when we opened our first Wal-Mart in 1962, but the store was totally an outgrowth of everything we'd been doing since Newport... And like most other over-night successes, it was about twenty years in the making.” - Sam Walton, founder o

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