After my undergraduate, I've written a thesis that was in the government department, but largely, it turned out almost an economic type of thesis. And I was very interested in that, and I wanted to go get a Ph.D. in Economics.
I worked in investment banking for two years. I was in a program where they kind of just owned you. And you - I didn't realize that I've signed up for that, which was one of the problems. I didn't know anybody who'd done this.
We take the traditional value investor's process and just flip it around a little bit. The traditional value investor asks 'Is this cheap?' and then 'Why is it cheap?' We start by identifying a reason something might be mispriced, and then if we find a reason why something is likely mispriced, then we make a determination whether it's cheap.
We try not to have many investing 'rules,' but there is one that has served us well: If we decide we were wrong about something, in terms of why we did it, we exit, period.
Microsoft could help Facebook with one of the biggest challenges, namely monetizing its traffic without reducing the user's experience. It's obvious that Microsoft needs traffic and Facebook needs search.
During my freshman year at Cornell, I joined my dorm's intramural football team. At the first practice, upper classmen pointed out I was tall, so I should try playing QB. Well half an hour later, it was abundantly clear that I should not be the QB.
Both poker and investing are games of incomplete information. You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.
My father and grandfather were businessmen. The family business was Adelphi Paints in New Jersey. When the first energy crisis came in the early 1970s, the business suffered.
I rooted for the Milwaukee Brewers and its stars, Robin Yount and Paul Molitor. I went to a lot of games, including the World Series in 1982. The Brewers may have been a bad team for most of my life, but to have your team at its peak when you are thirteen years old is an experience I wish for every fan.
I spent most of high school working on the debate team, probably at some expense to my grades. Being a member of the team was great training in critical analysis, organization, and logic.
In an industry that celebrates personal sacrifice as a symbol of commitment, you might not consider 'making sure everyone gets home for dinner' to be a mark of success, but creating and maintaining that culture is one of the things I'm most proud of.
Obviously, I wasn't expecting Wall Street to be a laid-back place. I was prepared for hard work. Sadly, much of the work the new guys were asked to do and the insane hours we were expected to keep had little to do with making the bank more productive. It felt more like hazing.