Before practice, opportunity, and luck can combine to create expertise, the would-be expert needs to demythologize the achievement of top-level performance, because the notion that genius is born, not made, is deeply ingrained
They must avoid the temptation to say that lady luck owes them one and take outsized risks
The notions of coherence, plausibility, and probability are easily confused by the unwary.
A lot of people talk about patience, discipline, and courage, but curiosity is one of the reasons great investors find the things they do, and it is also consistent with being a contrarian
It is difficult to accept uncertainty. It is tempting to try and escape it by kidding ourselves and each other, but that is liable to land us in greater difficulties.
The mistake many make is to think investing is only about numbers. We invest in businesses, not in financial statements.
If you always look to others for confirmation that you are right you will never be self-reliant.
The most successful sailors are those who have a particular mindset in how they deal with the setbacks.
Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all
If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original.
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