"To understand is to know what to do"
- Ludwig Wittgenstein
“In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us. Nor do we derive comfort if they don’t.” – Warren Buffett
“In the midst of chaos, there is also opportunity” – Sun Tzu
“Investing requires the crazy combination of gumption and patience, and then being ready to pounce when the opportunity presents itself.” – Charlie Munger
“I think it’s important to reason from first principles rather than by analogy. The normal way we conduct our lives is we reason by analogy. [With analogy] we are doing this because it’s like something else that was done, or it is like what other people are doing. [With first principles] you boil things down to the most fundamental truths…and then reason up from there.” – Elon Musk
“To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment.” – Ralph Waldo Emerson
“I went through life constantly practicing (because if you don’t practice it, you lose it) the multi-disciplinary approach and I can’t tell you what that’s done for me. It’s made life more fun, it’s made me more constructive, its made me more helpful to others, its made me enormously rich.” – Charlie Munger
“Boil things down to their most fundamental truths. What are we sure is true? Or possible to be true? And then reason up from there.” – Elon Musk
“That’s how we succeeded. Because we have open minds (and) common sense. A lot of analysis, careful weighing of the odds, make a firm decision, monitor it, implement it, modify as it goes wrong, abandon if it is no good.” – Lee Kuan Yew
“The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons’ mistakes of judgment.” – Benjamin Graham
“When a thing is funny, search it carefully for a hidden truth.” – George Bernard Shaw
“In any field, find the strangest thing and then explore it.” – John Archibald Wheeler
“The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much. You’re going to fail through lack of specialization.” – Charlie Munger
“If I had 20 days to solve a problem, I would spend 19 days to define it.” – Albert Einstein
“If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands” – Charlie Munger
“Try not to become a person of success, but rather try to become a person of value.” – Albert Einstein
“It’s a game of a million inferences. There are a lot of things to draw inferences from — cards played and not played. These inferences tell you something about the probabilities. It’s got to be the best intellectual exercise out there. You’re seeing through new situations every ten minutes. Bridge is about weighing gain/loss ratios. You’re doing calculations all the time.” – Warren Buffett
“Life is either a great adventure or nothing.” – Helen Keller
“The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.” – Ben Graham
“Whether or not they recognize it, virtually all decisions that investors make are exercises in probability. For them to succeed, it is critical that their probability statement combines the historical record with the most recent data available. And that is Bayesian analysis in action.” – Robert G Hagstrom: The Warren Buffett Portfolio
“Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we’re trying to do. It’s imperfect, but that’s what it is all about.” – Warren Buffett“
You gotta keep control of your time, and you can’t unless you say no. You can’t let people set your agenda in life.” – Warren Buffett
“Whoever watches the wind will not plant; whoever looks at the clouds will not reap.” – Ecclesiastes 11:4
“Focus on simplicity…once you get there, you can move mountains.” – Steve Jobs
“Every two years, I write them [the CEOs] a very simple letter, a page and a half. I don’t believe in a 200-page manual, because if you put out a 200-page manual, everyone is looking for loopholes” – Warren Buffett
“You don’t have to know how to value all businesses. You have to stay within your circle of competence, and pick companies that sell for less than what they’re worth. Some don’t lend themselves to valuations, so you should ignore them…If you are in the investment business and have an IQ of 150, sell 30 points to someone else. You do have to have an emotional stability and an inner peace about your decisions. It is a game where you are bombarded by minute-by-minute opinions. It’s not a complicated game. It’s simple, but it’s not easy. You have to have an emotional stability.” – Warren Buffett
“You don’t need to be an expert in order to achieve satisfactory investment returns. But if you aren’t, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick ‘no’.” -Warren Buffett
“Here’s what we’re looking for…(5) simple businesses (if there’s lots of technology, we won’t understand it),” – Warren Buffett
“I’m a great believer in solving hard problems by using a checklist. You need to get all the likely and unlikely answers before you; otherwise it’s easy to miss something important.” – Charlie Munger
“Good checklists, are precise. They are efficient, to the point, and easy to use even in the most difficult situations. They do not try to spell out everything.” – Atul Gwande
“You need a different checklist and different mental models for different companies. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself to ingrain it in your head for the rest of your life.” – Charlie Munger
“Those things that hurt, instruct.” – Benjamin Franklin
“Great minds discuss ideas; average minds discuss events; small minds discuss people.” – Thomas Henry Buckle
“Great things are done by a series of small things brought together.” – Vincent Van Gogh
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