Nobody tells you this: Emotional control is the ultimate sign of growth. The ability to remain unshaken by the little collisions and inconveniences of life. To avoid assigning false narratives to everyday slights. That’s when you take control of your own life.
Nobody tells you this: 99% of a successful marriage is just genuinely enjoying each other’s company. People make these long lists of traits they want to find in a partner, but so much of life just comes down to being kind and pleasant to be around.
Charlie Munger once said:
"In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time"
Here are 10 Investing Books That Will Teach You More Than 10 MBAs:
Half-way through. Some direct notes about Buffett, Munger, and people they encountered:
- Know what the deal is in advance.
- Having hit on a reliable system, Warren never messed with it. [Singing to his daughter]
- "There's no such thing as bad risk, only bad rates"
- You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits -- Graham.
- You don't have to make it back the way you lost it.
- The big question about how people behave is whether they've got an inner scorecard or an outer scorecard.
- You're not supposed to bet every race.
- Commitments are so sacred that by nature they should be rare.
- Warren felt honored to borrow ideas from useful sources.
- His mind was like a restless monkey; to relax, he needed an active form of concentration.
- If you are looking for a gold needle in a haystack of gold, it's not better to find the gold needle.
- Buffett would never give up his margin of safety.
- Warren discovered that he liked owning a candy company, not running one.
- "The only way to go is coattail-riding"
Munger:
- You should never let one tragedy increase into 2 or 3 through your failure of will.
- He decided to sell himself an hour each day to improve his mind.
- Right after meeting Buffett, to his wife: "You don't understand, this is no ordinary human being"
- Practically every great chain-store operation that has been around long enough eventually gets in trouble and is hard to fix.
- Our basic rule has always been that we don't deal with assholes.
Found yet another gem!
Alice Schroeder, author of The Snowball, says that Buffett’s biggest edge was, by and large, effort.
He simply worked harder, longer, and more consistently than anyone else:
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16 Biases that distort your Decision-Making
1. Anchoring Bias
You rely heavily on the first piece of information you receive.
Example: First seeing an expensive watch makes others seem cheaper.
Investment Masterwork
I just found this investment gem.
150 pages with the wisdom of Howard Marks, Philip Fisher, Lou Simpson, Benjamin Graham, Joel Greenblatt, and many more:
I thank my stars everyday for being an Indian citizen living and working in my own country instead of at the mercy of the whims and fancies of a foreign government’s immigration/ visa polices. How about living the Indian Dream instead of chasing the American one? #h1bvisas
Hard truth: You’ll never feel ready to do the thing that matters most. Readiness is a byproduct of action, not a prerequisite for it. Start when it feels uncomfortable. You may just find you’ve been ready all along.