Loser's Game

“Investors have been so oversold on diversification that fear of having too many eggs in one basket has caused them to put far too little into companies they thoroughly know and far too much in others about which they know nothing at all. It never seems to occur to them that buying a company without having sufficient knowledge of it may be even more dangerous than having inadequate diversification.”
-- Philip Fisher in "Common Stocks and Uncommon Profits"

Craft and Art

"It's the difference between learning to play the piano (craft) and then composing (art). Art takes time to learn. You probably won't compose until you're pretty competent at playing." -- Kenneth L.Fisher

How many people are self-aware that he is playing piano and not composing when he is playing piano?In fact, they are endangered species. At the same time, there are too many people thinking they are composing when in fact they are just playing piano.

Note: Kenneth L.Fisher is a son of Philip Fisher, who is a well known author of "Common Stocks and Uncommon Profits". As described by Warren Buffett himself, his investment philosophy is 70% Benjamin Graham and 30% Philip Fisher.