there are limits on how low yourexpenses can go, but there are no limits on how much you can earn. 

The way to wealth is to be exceptionally good at something. If you are thebest at whatever it may be, people are going to pay you well and thatvalue can’t be destroyed by inflation. Nobody can take away your talent.

We should embrace inactivity and avoiddisturbing the process of compounding.

Successful investing isall about identifying businesses with growing earnings and good capitalallocation at sensible valuations, and firmly holding on to them as long asthey exhibit these characteristics.

Greatbusinesses create enormous wealth over long holding periods acrossmarket cycles, even in the midst of negative macro headlines about highinflation, rising interest rates, geopolitical tensions, weak macroeconomicdata points, and political uncertainty. Gruesome businesses eventuallydestroy wealth, irrespective of whether the news is positive or... See more

Cash is a call option on the opportunity. Having ample liquid cash putsvaluable optionality in the hands of investors, to make bargain purchaseswhen opportunities arise, and it also makes them antifragile