Investment Wisdom

"We don't have to be smarter than the rest. We have to be more disciplined than the rest." — Warren Buffett One of the biggest misconceptions investors have about investing: They believe intelligence is the top skill. Of course, intelligence can be an invaluable asset. But…

"What I was given to study in school I have forgotten; what I decided to read on my own, I still remember." — Nassim Taleb

"If you want to become really wealthy, you must have your money work for you." — John Templeton

Which is hardest?

"Charlie has the best 30-second mind in the world. He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence." — Warren Buffett "Spend each day trying to be a little wiser than you were when you woke up..." — Charlie Munger

"Unless you buy a stock at the exact bottom (which is next to impossible), you will be down at some point after you make every investment. Your success entirely depends on how dispassionate you are towards short-term stock price fluctuations. Behavior matters." — Joel Greenblatt

"What the wise do in the beginning, fools do in the end." — Warren Buffett

"Investing is the intersection of economics and psychology." — Seth Klarman

“Buy not on optimism, but on arithmetic.” — Benjamin Graham

"Ultimately, nothing should be more important to investors than the ability to sleep soundly at night." — Seth Klarman

How good you are at money isn't determined at birth. It's a skill you can learn like any other.

“When you sell in desperation, you always sell cheap.” — Peter Lynch

“If you’re an even slightly above-average investor who spends less than they earn, over a lifetime you cannot help but get rich if you are patient.” — Warren Buffett

What’s your favorite principle from Benjamin Graham?

Warren Buffett: “We really like the decision to be obvious enough to us that it doesn't require making a detailed calculation...”

"Over the long run, major mispricings are eventually corrected—the share price and value of a business tend to converge—because short-term illusions are pierced and enduring characteristics become more apparent." — Seth Klarman

"Without passion, you don't have energy. Without energy, you have nothing." — Warren Buffett "The earlier you find your passion, the better—because it won’t seem like a chore to follow your dream, and you’ll outwork everyone in the process." — Todd Combs

“There is no better teacher than history in determining the future...” — Charlie Munger “The truth is, history can be one of our greatest aids in investing—as in life.” — Howard Marks

"Frequently, you'll look at a business having fabulous results. The question is, 'How long can this continue?' There's only one way I know to answer it: think about why the results are occurring now—and then figure out the forces that could cause those results to stop." — Munger