"If you want to know what it will be like when we are more deeply into the horizontal, simply go to one of the Indian casinos. The Native Americans, who stand for vertical thinking more than anyone else in our culture, have been setting up totally flat casinos for honkies."

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A thoughtful investment process contemplates both probability and payoffs and carefully considers where the consensus - as revealed by a price - may be wrong. Even though there are also some important features that make investing different than, say, a casino or the track, the basic idea is the same: you want the positive expected value on your side

— Michael Mauboussin