From https://www.collaborativefund.com/blog/inefficient

There is no perfect species, one adapted to everything at all times. The best any species can do is to be good at some things until the things it’s not good at suddenly matter more. And then it dies.

A species that evolves to become very good at one thing tends to become vulnerable at another.

Nature’s answer is a lot of good enough, below-potential traits across all species.

Nassim Taleb says, “My only measure of success is how much time you have to kill.” More than a measure of success, I think it’s a key ingredient

And history is just a constant chain of disruptions.

Same in investing. Cash is an inefficient drag during bull markets and as valuable as oxygen during bear markets, either because you need it to survive a recession or because it’s the raw material of opportunity.

Leverage is the most efficient way to maximize your balance sheet, and the easiest way to lose everything.

Concentration is the best way to maximize returns, but diversification is the best way to increase the odds of owning a company capable of delivering returns.