Investing

“Often it's the person who goes the extra mile who comes to the right conclusion. That's grit, it's perseverance, it's determination. It's making the effort. One of the things we emphasize is what do you need to do, what extra steps do you need to take to get to the right conclusion faster than those you compete with. And if you do hustle, you will

The best opportunities go to people whose reputation got them picked before anyone else knew the opportunity even existed.

in real life things fluctuate between pretty good and not so hot, but in investors’ minds they go from flawless to hopeless.

In good times, ambiguous developments are interpreted positively, and negative ones are easily brushed aside. And when times have been good for a while, the possibility of loss recedes from consciousness. Rather, missing out

"Earning more money increases freedom.

Spending less than you earn reduces stress."

I’ll make a controversial statement here: in pure investment terms, there’s no intrinsic reason for long-term investors to be concerned with volatility (as distinguished from the risk of permanent loss). Warren Buffett famously says he’d “rather earn a lumpy 15% return than a smooth 12%.” Why wouldn’t everyone?

Avoiding stupidity is easier than seeking brilliance.

Famous investor Bill Miller put it best when asked what worries him about the market:

“The answer is nothing, because everyone else in the market seems to spend an inordinate amount of time worrying. And so all of the relevant worries seem to be covered. My worries won’t have any impact except to distract from something much more useful, which is

Occam's Razor says that the simplest explanation is often the best one—that simple is beautiful.

Drachman on RE cycles:

The Final Step of a Real Estate Cycle: Acceptance

A couple of years ago, I compared the real estate cycle to the cycle of grief. At its core, every downcycle is about one thing: people losing money.

That’s why these cycles never move quickly. People hate admitting loss. This is why they will deny it at first then become angry