BEHAVIOR

The real key to making money in stocks is not to get scared out of them.

The investor's chief problem — and his worst enemy — is likely to be himself.

People want an authority to tell them how to value things, but they choose this authority not based on facts or results — based on who is most confident and authoritative.

The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.

The debt snowball works because personal finance is 80% behavior and only 20% math.

Most personal finance makes you feel guilty. Mine does not. Guilt is not a financial strategy. Systems are.

Time is your friend; impulse is your enemy. Stay the course.

The stock market is a giant distraction from the business of investing.

When I sold during a market drop in the 1980s, I crystallized a loss and then watched the recovery happen without me. I never made that mistake again.

The best investing strategy is the one you can actually stick to. Index funds work because they require almost no decision-making from you.

Most investors sell when they should hold and hold when they should sell. Emotion is the enemy of long-term returns.

Personal finance is 80% behavior and 20% knowledge. You don't need to know more. You need to do more.

No one is crazy. We all make decisions based on our own unique experiences that seem rational in the moment.

History never repeats itself. But it does rhyme in ways that expose the permanent features of human behavior.

The biggest risk most investors face is not the market. It is their own behavior. Panic selling destroys more wealth than bear markets.

Investors are their own worst enemies. The data says one thing. They do the opposite.

The greatest risk in investing is not volatility. It's doing something stupid because you panicked.

The human tendency to overreact is permanent. That's why deep value always comes back.

Pokémon GO proved that augmented reality isn’t a tech demo. It’s a behavior. Niantic understood that before anyone.

Spotify standardized music streaming. Wise standardized international transfers. I look for the company that will standardize the next behavior.

Instacart proved that grocery delivery wasn’t just a COVID trend. It was a permanent behavioral shift. COVID just accelerated it by five years.

The best gym is the one you actually use. If it's on your wall, five feet from your living room, you'll use it.