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Friends Are Sometimes A Big Help When They Share Your Feelings. In The Context Of Decisions, The Friends Who Will Serve You Best Are Those Who Understand Your Feelings But Are Not Overly Impressed By Them.

Knowing The Importance Of Luck, You Should Be Particularly Suspicious When Highly Consistent Patterns Emerge From The Comparison Of Successful And Less Successful Firms. In The Presence Of Randomness, Regular Patterns Can Only Be Mirages.

The Illusion Of Skill Is Not Only An Individual Aberration; It Is Deeply Ingrained In The Culture Of The [investment Management] Industry.

Facts That Challenge Basic Assumptions-and Thereby Threaten People's Livelihood And Self-esteem-are Simply Not Absorbed. The Mind Does Not Digest Them.

It Is The Consistency Of The Information That Matters For A Good Story, Not Its Completeness. Indeed, You Will Often Find That Knowing Little Makes It Easier To Fit Everything You Know Into A Coherent Pattern.