"Golf is the only-est sport. You're completely alone with every conceivable opportunity to defeat yourself. Golf brings out your assets and liabilities as a person. The longer you play, the more certain you are that a man's performance is the outward manifestation of who, in his heart, he really thinks he is."

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Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities.

— Seth Klarman