1/ Capital allocation is not just the number one job of an investor but of anyone involved in any business. This is a core part of why Buffett and Munger say that being an investor makes you a better business person and being a better business person makes you a better investor.
2/ I find business to more intresting than something like bond investing. Business involves more than just the application of math skills. Uncertainty and ignorance determine much more of the outcome so you can make a bigger difference as an individual though work and skill. 
3/ Howard Marks says: "time is better spent trying to gain a knowledge advantage regarding ‘the knowable’: industries, companies and securities. The more micro your focus, the great the likelihood you can learn things others don’t.” Business is relatively more interesting to me.
4/ In business "many unknowables are idiosyncratic or personal, affecting only
individuals or handfuls of people, such as and present the greatest potential for significant excess investment returns." More inefficiency creates more opportunity for alpha. sites.hks.harvard.edu/fs/rzeckhau/In…
individuals or handfuls of people, such as and present the greatest potential for significant excess investment returns." More inefficiency creates more opportunity for alpha. sites.hks.harvard.edu/fs/rzeckhau/In…
5/ David Swensen talks about how the opportunity to earn alpha ranges from bond investing at the low end to venture capital at the high end. VCs can't really closet index as a result. The picture indicates ~ time of the best part of an already great talk. oyc.yale.edu/economics/econ…
