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One of the most important analytic tools when assessing an investment is an intellectually advantaged disparate view. This includes knowing more and perceiving the situation better than others do. It is also critical to have a keen understanding of what the market expectations for any investment truly are. Thus, the process by which a disparate perception, when correct, becomes consensus should lead to meaningful profit. Understanding market expectation is at least as important as, and often different from fundamental knowledge.
— Michael Steinhardt
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Papa always makes it clear that he would like to know me as much more rational and lucid than the girls and women he gets to know during his analytic hours.
— Anna Freud
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