The market is not a weighing machine that precisely measures the value of each security. It's a voting machine that shows how much people are willing to pay right now.
Risk is not the same as volatility. Risk is the probability of a permanent loss of capital. A stock that goes down 50% is only risky if the business is impaired.
The average holding period for stocks in America is less than a year. If you can think in terms of three to five years, you already have a structural advantage over most of the market.
Every portfolio manager should have some Bitcoin. The asymmetry is remarkable — you could lose 100% of a small position, or you could make ten times your money.
We made a lot of mistakes in 2007 and 2008. The ones that hurt were not the positions we took but the assumptions behind why we took them. The process was right; the inputs were wrong.
Amazon has been the best investment I've ever made. Not because I was smart about it — because I was patient about it when patience was genuinely hard.