Warren Buffett on how he'd make 50% a year if he had to start over with just $1 million
"In my particular case, it would be going through the 20,000 pages. Since we were talking about railroads, I went through the Moody's Transportation Manual a couple of times, that was probably 1,500 pages, and I found all kinds of interesting things when I was 20 or 21"
"There were hundreds and hundreds of railroad companies, and I liked to read about every one of them. The Green Bay and Western was known as 'grab baggage and walk.' They had a bond that was actually the common stock, and a common stock that was actually a bond. That could lead to unusual things"
"That's actually what impressed Charlie when I first met him, because I knew all the details of these little companies on the West Coast that he thought I'd never have heard of. That became an instant point of connection"
"I would try to know everything about everything small. And with a million dollars, you could earn 50% a year. But you have to be in love with the subject. You can't just be in love with the money"
"You've really got to find it, like a biologist looks for something because they want to find it. There are people who just find it exciting to expand their knowledge in a given area"
"I've had the luck of meeting a lot of people who are unbelievably smart in their own arena and do some unbelievably dumb things in other areas. The human brain does its best when you find out what your brain is really suited for, and then you just pound the hell out of it from that point"
"Charlie Munger was right about it not being easy. I’m convinced that everything that’s important in investing is counterintuitive, and everything that’s obvious is wrong."
— Howard Marks
Warren Buffett: “The stock market is the most obliging, money-making place in the world. Because you don’t have to [trade. You can wait for a good deal.]…
It’s a marvelous game. The rules are stacked in your favor.”