1/ "To perform present value analysis, you must predict the future, yet the future is not reliably predictable.” “A perfect business in terms of the simplicity of valuation would be an annuity. Real businesses, even the best ones, are unfortunately not annuities.” Seth Klarman
2/ "I keep going back to what Charlie Munger said to me, which is none of this is easy, and anybody who thinks it is easy is stupid. It is just not easy. There are many layers to this, and you just have to think well.” Howard Marks
3/ People like John Malone, Craig McCaw, Jeff Bezos and Jim Sinegal discovered that you can "think different" and find quasi annuities and grow value in ways that others didn't yet know about. They had analytical, behavioral and informational edges over other entrepreneurs.
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