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— Charlie Munger"Beta and modern portfolio theory and the like - none of it makes any sense to me."
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Cute. I'm on the waitlist to beta a new product, and have been offered the chance to move up in the list if I tweet about it. Not doing so.
— Ethan Zuckerman
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In the financial markets, however, the connection between a marketable security and the underlying business is not as clear-cut. For investors in a marketable security the gain or loss associated with the various outcomes is not totally inherent in the underlying business; it also depends on the price paid, which is established by the marketplace. The view that risk is dependent on both the nature of investments and on their market price is very different from that described by beta.
— Seth Klarman
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