DISCIPLINE

It's not supposed to be easy. Anyone who finds it easy is stupid.

Investing without research is like playing stud poker and never looking at the cards.

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

The biggest risk is not paying attention to risk.

The cardinal rule is to protect the downside.

Risk management is not about avoiding risk. It's about understanding it.

The market has a tendency to go to extremes in both directions. Your job is to profit from that tendency, not participate in it.

Successful investing requires patience, discipline, and a tolerance for uncertainty. It also helps to have a sense of humor.

If you can hold on during the bad years — and there will be bad years — the Magic Formula works. If you can't, you will sell at the bottom and miss everything.

Markets are brutal. They do not care about your feelings. They care about whether your analysis is right.

Winning in markets over the long run requires relentless intellectual honesty. You have to be willing to be wrong, learn from it, and update.

We don't override the models. When you start doing that, you have a problem. The model is built on evidence. Your gut is built on stories.

The number one rule is: cut your losses short. Everything else is secondary. If you can do that one thing, you can survive long enough to get good.

I don't have an opinion on the stock market. I have rules. My rules tell me what to buy and when. My opinion tells me nothing useful.

I look for a 5:1 reward-to-risk ratio. If I think I can make five dollars for every one dollar I risk, I will take the trade. If not, I pass.

Know your risk before you enter the trade. Not after. After is too late.

Most traders fail because they don't have a daily max loss limit. The moment you remove that guardrail, one bad day can erase months of progress.

The goal is not to be right. The goal is to make money when you are right and lose a little when you are wrong. The math is simple. Execution is hard.

Investing is not about being smarter than everyone else. It is about having a framework and sticking to it when it is uncomfortable.

Dollar cost averaging is boring. It is also one of the best strategies for most people.

In a bull market, everyone is a genius. In a bear market, you find out who actually knows what they are doing.

The temporary satisfaction of quitting is outweighed by the eternal suffering of mediocrity.

If you want to be successful, you have to be willing to be uncomfortable every single day.

The difference between successful people and unsuccessful people is that successful people do all the things unsuccessful people don't want to do.

Money has no emotions. Money doesn't love you back.

Everyone has got the will to win. It's only those with the will to prepare that do win.

It's not what we do once in a while that shapes our lives. It's what we do consistently.

Don't cry to give up, cry to keep going.

You can't invest what you already spent.

Bulls make money, bears make money, pigs get slaughtered.

Do your homework. That's all I ever ask. One hour per week per stock.

The market is always trying to take your money. Your job is to not let it.

Automate your finances. If you have to remember to save, you won't.

The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem.

DENIED!

A budget doesn't limit your freedom. It gives you freedom.

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

You don't have to be rich to be financially secure. You have to be consistent.

The difference between people who make it financially and those who don't isn't income. It's habits.

Patience isn't passive. It's the active decision to wait for the right opportunity instead of settling for a mediocre one.

Good investing is not about making good decisions. It's about consistently not screwing up.

If you can't build a simple model for why a stock is worth buying, you're gambling, not investing.

Rule number one: don't lose money. Rule number two: don't forget rule number one.

A wonderful company on sale is the only thing worth buying.

Fear and greed are the two biggest enemies of the investor. Learn to use them instead of being used by them.

The most important quality for an investor is temperament, not intellect.

The best investment you can make is in your own physical health. Everything else follows from that.

How you wake up each day dramatically affects how you live each day.

A good financial plan is one you can actually follow when things get scary. Most plans fail that test.

Stop trying to be perfect with your money. Good enough, done consistently, beats perfect every time.

A cheap stock is not the same as a good investment. That distinction is everything.

Patience isn't passive. It's the active decision to do nothing when doing something would be a mistake.

If you can't read a balance sheet, you're not investing. You're guessing.

Value investing isn't dead. People just got impatient.

Cash is a position. When everything is expensive, doing nothing is the smartest move.

Never risk more than 2% of your portfolio on a single trade. That rule has saved me more than any stock pick.

Most people don't fail because of the market. They fail because of their own emotions.

The best investment strategy is the one you can actually stick with for 20 years.

Eat that frog. Do the hardest, most important thing first every morning.

Really successful people say no to almost everything.

Profitability isn't something we discovered recently. We've been profitable since 2017. We just didn't make it our personality.

We were profitable before we took a dollar of venture capital. SoftBank didn't save us — they accelerated us. That's the only reason to take outside money.