HUMILITY

I have nothing to add.

He who lives by the crystal ball will eat shattered glass.

I could be wrong. I need to make sure I can survive being wrong.

The most important thing you can do is to know what you don't know.

In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

I'm only rich because I know when I'm wrong.

Once we realize that imperfect understanding is the human condition, there is no shame in being wrong — only in failing to correct our mistakes.

We're not smarter than everyone else. We just worked harder on this one trade.

Success is a lousy teacher. It seduces smart people into thinking they cannot lose.

I've made a lot of mistakes in my career. I own them all. The key is not making the same mistake twice.

Every model is wrong. Some models are useful. The goal isn't perfection — it's being roughly right.

Cloning is a very powerful idea. Find someone who's already figured it out and just copy them.

I'm a shameless cloner. I have no original ideas. And that's perfectly fine.

My biggest mistakes have all come from shorting great companies that I thought were overvalued.

I shorted Netflix and it taught me that being smart about valuation doesn't mean you're right about the stock.

Risk is what's left over after you think you've thought of everything.

Every financial crisis looks obvious in hindsight. At the time, everyone involved thought they were being clever.

I've spent decades in hedge funds. The main thing I learned is that most people in finance are wrong most of the time.

I used to think I could beat the market picking stocks. The data convinced me otherwise.

Going from $46 billion to $6.7 billion in one year teaches you things that no business school ever could.