"It is not the passive investor who counts; not the man who rides on the coat tails of the active man's acumen, or who points out where the investment manager could have allocated better. The credit belongs to the enterprising investor who is actually in the arena whose stock positions are marred by dust and sweat and blood; who strives valiantly; who takes on leverage; who errs, who comes short again and again, because there is no alpha without error and shortcoming; but who does actually strive to outperform risk-adjusted; who knows great enthusiasms, the great devotions; who spends himself in extensive and differentiated research; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold, passive, and timid souls who only know the benchmark, neither knowing victory nor defeat"
Modernized version of Teddy Roosevelt's 'Critic' Speech. Essentially what he would've said today about the stock market.
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