The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)

Commodity stocks are not long-term investments. They generate alpha in portfolios in a short period of time, driven by a combination of financial and operating leverage, and you exit them not on peak reported earnings but when the expectations of margin improvement peak out. A good time to begin planning your exit from a commodity industry is when

When only a single firm in the entire industry is profitable, then the commodity in question may be at or near the bottom of the cycle.

Growth and contribution are the bedrocks of happiness. Not stuff.

Do you ask what is the proper limit to wealth? It is, first, to have what is necessary, and, second, to have what is enough.

Ask the right questions; you’ll get valuable answers.

When you truly embrace lifelong learning, Lady Luck and serendipity eventually reward you in a big way.

Personal freedom allows us sufficient time to think. Making good decisions requires quiet time alone in our heads to think through a problem from multiple points of view. Uninterrupted personal time is life’s most valuable limited resource. Several notable creators, including Bill Gates and Mark Zuckerberg, regularly take “think weeks” to invigorat

The path to lasting wealth is deferred gratification, savings, and compound interest. Develop the habit of saving in such a way that you enjoy your present reasonably well and also ensure a bright future tomorrow.

A contrarian isn’t one who always takes the opposite path just for the sake of it. That is simply a conformist of a different sort. A true contrarian is one who reasons independently, from the ground up, based on factual data, and resists pressure to conform.