Why do smart investors keep playing when they suspect the music may stop? The answer often has less to do with conviction than with incentives, career risk, and the institutional imperative - and it reveals one of retail investors’ biggest advantages: the freedom to wait.

“The more we try to escape the existential burdens of being human — fallibility, fragility, fear — the more we forfeit what makes us human in the first place.”
A reflection on what never changes, why synthetic intimacy is a dangerous mirage, and why Warren Buffett’s final letter might be the most important document of the AI era.

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