investor

“You can't Turn yourself into someone who's unemotional, but you can turn down the amplitude of your own emotions if you change what your exposures are.”

“And the default position for any investor should always be to do nothing. Because it doesn't cost anything to do nothing.”

“A period of rising prices that leads many investors to believe that their IQ has risen at least as much As the market value of their portfolios. After the inevitable fall in prices, they will learn that both increases were temporary.”

“I think you will see that trait among a lot of the best investors and the smartest thinkers is that they take people who disagree with them more seriously than people who do agree with them.”

“And more, an investor who works for somebody else is more likely to get fired for losing money than for missing out on opportunities.”

“Being wrong comes with the franchise of an activity whose outcome depends on an unknown future. No baseball player expects to bat a thousand. Investors shouldn't. Which means they shouldn't get down on themselves if they make a mistake as long as they re-exami…”

“And it was honestly a relatively smooth transition because I'd built up these relationships with people around just talking about product and talking about, there was no agenda. I wasn't selling them anything. So I'd sort of already effectively sold them on my…”

“And there can be this danger though, and that you have this investor and you know that they're just interested in your success, right? That's Success for you, success for them. However, they also have this other network and this other group of people that they…”

“Some people are in it for the money and some people like solving puzzles and figuring things out and figuring what's going to happen next. And you can kind of tell the passion of those people that they're just in it for the combination of challenge and interes…”

“I may be an investor and I have a track record of calling the market right in the last five times. And people say, wow, he really knows what he's talking about. But there are lots of people who are trying to predict which way the market is going to go. And som…”

“The actual time to hold has gone down to the point where now it's like in, it can be measured in days or hours on average.”

“Investors, you know all of us, we sent many of the wrong signals for a couple of years where people were rewarded. And so they could look at something of like, what are you talking about? My business keeps on getting valued higher and higher and higher.”

“Especially in the environment and look, you know, investors, you know all of us, we sent many of the wrong signals for a couple of years where people were rewarded. And so they could look at something of like, what are you talking about? My business keeps on g…”

“If you're over myopically focused on one thing that you think is the important thing, you need to keep your mind open that there may be other things in the mosaic that are critical, and that when you do see those And we started to get a little bit of the flags…”

“How you run your personal life. Very much impacts your ability to make good decisions, particularly if they go sideways, right? And so you see people in the industry who then, you know, adopt a certain lifestyle, a certain fixed cost base, and then, like, you …”

“You might say, I'm a long-term investor, but you're only going to be able to be as long-term as your clients allow you to be, right? If you're in a position that's offsides to kind of the market sentiment at that time, and you have in your mind that, you know,…”

“It's why, like, no investor ever gives me useful advice, really. Because like, I'm not, sure, they can about people and some high-level stuff, for sure, or capital markets, but like, Business, like, strategy? Like, how could they ever know my business better t…”

“Munger and Buffett's advantage was that they genuinely didn't seem to experience envy. When asked about missing opportunities, they'd shrug and move on. When competitors succeeded, they'd analyze what happened objectively. This emotional detachment is a massiv…”

“I think very few people know their tolerance for pain. Looking, just trying to be, like, prospective about it. I think you have to experience it in the trenches, so to speak, before you actually know how you're going to feel.”