No investor can be right all the time. Buffett has another phrase, “when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.” Excellent management cannot do much to turn a difficult business around while an idiot is unlikely to ruin an easy business by far. But good investing is boring. User Name just applied fora Rule #1 Workshop Scholarship! This means you need to understand the big ideas from each major field.

– Warren Buffett, The markets generally are unpredictable, so that one has to have different scenarios. Dignity. Sure, they can go lower. The reality is that there are no reliable patterns that you can rely upon to build your wealth consistently. – Warren Buffett, The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. Overconfidence prevents us from realising that we could be wrong and it would be disastrous if we cannot accept the consequences. In 2017, investors thought that the world is different because bitcoin is going to replace our monetary system. “A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. Overtime, you have to discern what is useful to add to your investment style. Charlie Munger said it well, “a lot of people with high IQs are terrible investors because they’ve got terrible temperaments. Our behaviour is a reflection of our beliefs and thoughts. I remember there was a popular Taiwanese stock market forecaster who once acknowledged that he doesn’t invest, because it clouded his judgment of the markets. - Brigham Young, Know what you own, and know why you own it. – Peter Lynch, Get inside information from the president and you will lose half of your money.

Did I miss any of your favorites? But risk and uncertainty are separate. There’s a wise Hokkien saying, “强就好，不要假强”, which translates to, “it is advantageous to be smart but don’t be too smart for your own good”. We need to admit our mistakes when we are wrong.

Sometimes we think that we are right such that we don’t entertain any alternatives.

- Buddha, 50 Stay At Home Jobs To Make $1,000’s Every Month.

– J. Paul Getty, Financial leverage is the advantage the rich have over the poor and middle class. The art is not in making money, but in keeping it. – Warren Buffett, The men who have succeeded are men who have chosen one line and stuck to it. – Rich Dad, If you owe the bank $100, that’s your problem. – Peter Lynch, Tough times helped many commodities traders become lean and mean through consolidation, mergers and cost cutting.

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