Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.
I think track records are very important. If you start trying to have a perfect one in a simple thing like honesty, you're well on your way to success in this world.
I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you’re well on your way to success in this world.
It’s not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it — who look and sift the world for a mispriced bet — that they can occasionally find one.
I don’t think you should spend much time being unhappy about the bad breaks. You get a lot of them, but you also get a lot of good ones. The thing to do is just to maximize your odds of using the good ones and minimizing the effects of the bad ones.
