Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.
The big money is not in the buying and selling ... but in the waiting.
Knowing what you don't know is more useful than being brilliant.
Acknowledging what you don't know is the dawning of wisdom.
Three rules for a career: 1) Don’t sell anything you wouldn’t buy yourself; 2) Don’t work for anyone you don’t respect and admire; and 3) Work only with people you enjoy.
Those who will not face improvements because they are changes, will face changes that are not improvements.
In my whole life, I have known no wise people who didn't read all the time - none ... ZERO.
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.
It's been my experience in life if you just keep thinking and reading, you don't have to work.
It's a good habit to trumpet your failures and be quiet about your successes.
The best thing a human being can do is to help another human being know more.
Show me the incentive and I will show you the outcome
Great investing requires a lot of delayed gratification.
I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
The more hard lessons you can learn vicariously rather than through your own hard experience, the better.
This is a good life lesson: getting the right people into your system is the most important thing you can do.
I try to get rid of people who always confidently answer questions about which they don't have any real knowledge.
Opportunity comes to the prepared mind.
Intelligent people make decisions based on opportunity costs.
The safest way to get what you want is to deserve what you want.
Investing is where you find a few great companies and then sit on your ass.
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time.
