Insights

Please note particularly that we own publicly-traded stocks based on our expectations about their long-term business performance, not because we view them as vehicles for adroit purchases and sales. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.

Choose work you have a natural aptitude for and a deep interest in. Develop a habit of working on your own projects; it doesn't matter what they are so long as you find them excitingly ambitious. Work as hard as you can without burning out, and this will eventually bring you to one of the frontiers of knowledge. These look smooth from a distance, b... See more

Four steps: choose a field, learn enough to get to the frontier, notice gaps, explore promising ones. This is how practically everyone who's done great work has done it, from painters to physicists.

Be careful not to discover a career before you’ve discovered yourself.

There's another more subtle lesson in the list of fields with superlinear returns: not to equate work with a job. For most of the 20th century the two were identical for nearly everyone, and as a result we've inherited a custom that equates productivity with having a job. Even now to most people the phrase "your work" means their job. But to a writ... See more

I met many aspiring artists in my early 20s. Observing their trajectories since then, I've learned that long-shot careers in the arts (famous singer, actor, songwriter, filmmaker, etc.) are long shots not because success relies on wild luck or rare genius or insane connections. Success stories pretty reliably happen for people who combine three not... See more

Finding work you love is very difficult. Most people fail. Even if you succeed, it's rare to be free to work on what you want till your thirties or forties. But if you have the destination in sight you'll be more likely to arrive at it. If you know you can love work, you're in the home stretch, and if you know what work you love, you're practically... See more

Do nothing for prestige or status or money or approval alone. As Paul Graham observed, “prestige is like a powerful magnet that warps even your beliefs about what you enjoy. It causes you to work not on what you like, but what you’d like to like.”

“Give up trying to create something sophisticated,” I told myself. “Why not forget all those prescriptive ideas about ‘the novel’ and ‘literature’ and set down your feelings and thoughts as they come to you, freely, in a way that you like?”