Category: Quotes

Bill Benter: No Guarantees

…it is difficult to know how great an edge can be achieved at a particular track until one develops a model for that track and tests it, which requires considerable effort. Should that prove successful, there is still no guarantee that the future will be as profitable as past simulations might indicate. The public may become more skillful, or the dishonesty of the races may increase, or another computer handicapper may start playing at the same time. William Benter, “Computer Based Horse Race Handicapping and Wagering Systems: A Report”

The Bottom

If there is one thing we have learned, it is this: whether or not one can pick a bottom correctly does not also forecast one’s ability to survive it. A tiny fraction come out of those sorrowful valleys alive and with their spirits intact. FAHY CAPITAL MANAGEMENT


We perceive the stocks of which our portfolio is composed as ‘inventory,’ like a warehouse filled with fur coats. It’s not personal and we’re not married to any of it. Pace of turnover at a profit is one of the chief metrics whereby which we measure performance. FAHY CAPITAL MANAGEMENT

The Crowd

The altruist sacrifices his inborn destiny to the guilt instilled in him by that social order which actively devalues quality and exalts the rights of the many.


It is the duty of PBA members to explain to public opinion, clearly and courageously, a certain number of facts that are forgotten with time. The first of these is that there is no PBA without the eviction of the amateurs and the expropriation of their bowling alleys.

Natural World

There is much about the so-called ‘natural world’ that remains mysterious — that consistently confounds — and it is the responsibility of the information manager to conceal what he cannot disprove categorically or empirically. To debunk is to enlist the special talents of an information manager in an effort to preserve a carefully-constructed and rigorously-promoted collectivized perception of nature.