Daniel Bakalarz

Yeah, so the meta, or the game within the game, is always changing in investing. 20 years ago in the NBA, three pointers were undervalued, statistically. Going for it on fourth down was undervalued in the NFL. And I would say that 20 years ago, understanding ROIC was undervalued in the market.

make a point of reading material you do not necessarily agree with. Find a thoughtful person whoholds a view different than yours, and then read his or her case carefully. This contributes to being activelyopen-minded.

4.  Build Awesome Things. And the idea here is that— I actually think  that there’s a pretty big difference between things that are valuable and things that are awe inspiring and amazing.

On Models: Mathematics:  The Fermat/Pascal system is dramatically consonant with the  way that the world works.  So you have to learn in a very usable way this very elementary math and use it  routinely in life—just the way if you want to become a golfer, you can't use the natural swing that broad evolution gave you. You have to... 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.

I’ve always basically believed that values  are only useful if you can legitimately disagree with them. I’ve always thought values like “be honest,” are not that  helpful, because of course you have to be honest.