Soham Patil

Investing does not require a mechanistic determination of expected value based upon known probabilities, but requires one to exercise judgment in the allocation of resources to where they may be the most fruitful.

In 1871, Carl Menger gave what still is the best explanation of diminishing marginal utility. What was true in 1871 is true today.

The free market facilitates mutually-beneficial exchanges that create wealth where it would not otherwise exist, but the market miracle can only exist under certain conditions.