On investing

• Avoiding stupidity is easier than being brilliant.
• Luck is manufactured.
• Money is made from sitting in the flow of information.
• Invest in people with proven obsession.
• Better questions lead to more useful answers.
• Efficient markets are not worth playing in.
• Long time horizons improve behavior. Short time horizons worsen your judgement.
• The best industries are industries where people will spend money without thinking twice. Think weddings, babies, pets.
• Seven reasons people sell businesses: death, divorce, disease, distress, dullness, disagreement, departure.
• Good thinking is expensive. Bad thinking costs a fortune.
• Three legal investment strategies: Be smarter than others, be luckier than others, be more patient than others. That’s the whole list.
• Clear writing gives poor thinking nowhere to hide.
• The person who knows first is the person building***.***
• The best investors are often the oldest. If I was only investing with my peers, I would lose.
• Signal is all that matters.
• Anyone can do it once. The best do it consistently. Consistently boring days make for extraordinary decades.
• Most decisions should be made with about 70% of the information. If you wait for 90%, you’re moving too slow.
• Environments influence outcomes.