"No formula in finance tells you that the moat is 28 feet wide and 16 feet deep. That's what drives the academics crazy. They can compute standard deviations and betas, but they can't understand moats."

Next Quote

To something that looks very different. The thing to understand here is that Donald Trump, Bernie Sanders, they're not the disease and they're not the symptom of the disease. They are the beta test of a cure for the perspective of the people.

— Ben Domenech