“Altogether too often, people substitute opinions for facts and emotions for analysis.”

Totally agree on not substituting emotions for analysis, but investing based on 'opinion' (of course, the sensible one) is not wrong.

Nobody would have foreseen the greatness of Apple and Amazon in mid-2000s if the analysis was purely based on facts. If you had strong confidence (opinion) in Steve Jobs and Jeff Bezos back then, you should be rich by now.

Warren Buffett and Charlie Munger's investment in Wells Fargo (especially during 2008-2009) was based on their opinion about its people. They knew that Wells Fargo's officers are sensible lenders, and there's no 'fact' to actually back that up.