"**The best description of my lifelong business in the market is “skewed bets,”** that is, **I try to benefit from rare events, events that do not tend to repeat themselves frequently, but, accordingly, present a large payoff when they occur**. "**I try to make money infrequently**, as infrequently as possible, **simply because I believe that rare events are not fairly valued**, and that the rarer the event, the more undervalued it will be in price." --- **Tags** -- [[quotes]], [[probabilistic-thinking]], [[investments]], [[fooled-by-randomness]], **Source** -- [[202410121132 - B - Fooled by Randomness]]