The question is not what you look at, but what you see.

— Henry David Thoreau

You don’t need to be smarter than others to outperform them if you can out-position them.

Anyone looks like a genius when they’re in a good position, and even the smartest person looks like an idiot when they’re in a bad one. When circumstances change, the person with low leverage and cash in the bank has many ways to play their hand and come out on top. On the other hand, the person with high leverage and no cash buffer has few.

Time is the friend of someone properly positioned and the enemy of someone poorly positioned.

From the latest Farnam Street here.

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