We’re fixated with certainty. This obsession drives us to dig deeply into the mysteries of the universe. Sometimes though, regardless of how deep we dig, there are no concrete answers. Some things are inherently uncertain. This frustrates most of us, your author included.
It’s a dangerous tendency when it comes to investing. Successful investing is, at its heart, the search for mispricing, and our love of certainty means uncertain situations are often fertile ground for value investors.