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1. Wisdom is prevention.
2. The fundamental algorithm of life: repeat what works.
3. The wise of every generation discover the same truths.
4. Avoid distraction.
5. Spend time thinking.
6. Position yourself for opportunity.
7. Invert: Much of success comes from simply avoiding common paths to failure.
8. Avoiding stupidity is easier than seeking brillianc... See more
2. The fundamental algorithm of life: repeat what works.
3. The wise of every generation discover the same truths.
4. Avoid distraction.
5. Spend time thinking.
6. Position yourself for opportunity.
7. Invert: Much of success comes from simply avoiding common paths to failure.
8. Avoiding stupidity is easier than seeking brillianc... See more
The way to win [in the markets] is to work, work, work, work and hope to have a few insights. How many insights do you need? Well, I'd argue: that you don't need many in a lifetime. If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.
Charlie Munger • A Lesson On Elementary, Worldly Wisdom As It Relates To Investment Management & Business – Charles Munger, USC Business School, 1994
To paraphrase Buffett and Munger – decision-making is not about making brilliant decisions, but avoiding terrible ones. Mistakes and dumb decisions are a fact of life and I’m going to make more, but as long as I can avoid the big or “fatal” ones I’m fine.
Matter
