INVESTING

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

The biggest mistake investors make is to believe that what happened in the recent past is likely to persist.

Diversification is the holy grail of investing.

Know what you own, and know why you own it.

Behind every stock is a company. Find out what it's doing.

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.

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

The intelligent investor is a realist who sells to optimists and buys from pessimists.

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

It's not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong.

The biggest risk is not paying attention to risk.

In life and business, there are two cardinal sins. The first is to act precipitously without thought and the second is to not act at all.

Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.

The cardinal rule is to protect the downside.

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

We looked for situations where the downside was limited and the upside was substantial.

Risk means more things can happen than will happen.

The most important thing is... well, actually there are many important things.

Value investing is at its core the marriage of a contrarian streak and a calculator.

The best investment you can make is in businesses where there is enormous complexity on the surface but the core business is actually simple.

The best investments are in companies fixing something that is genuinely broken. Healthcare is broken. Education is broken. Financial services are broken. That is where I want to put capital.

Magic taught me that the secret is always simpler than the audience thinks. Investing is the same. The simple approach wins.

The wealth gap is real. The stock market is one of the few tools available to close it at the individual level. You have to use it.

Most people spend more time researching a sneaker purchase than a stock purchase. The sneaker loses value. The stock can make you wealthy.

Bitcoin is the most pristine collateral the world has ever seen.

Retire early. Think better. Invest from a position of freedom, not desperation.

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 the short run, the market is a voting machine. In the long run, it is a weighing machine.

You will never be admired for your savings account. You will only be admired for your impact.

Rich people do not save money. Rich people make money, then invest it.

Apartment complexes are the best investment in the world. They cash flow, they appreciate, and people always need a place to live.

I bet on the jockey, not the horse. I can always fix the business. I cannot fix the person.

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

Here's how I think of my money — as soldiers. I send them out to war every day. I want them to take prisoners and come home, so there's more of them.

The best investment you can make is in yourself.

The only impossible journey is the one you never begin.

There's always a bull market somewhere, and I'm going to help you find it.

Debt steals your future. Every dollar you owe is a dollar you can't invest, give, or enjoy.

Start now. Start small. But start.

The biggest financial mistake is waiting until you feel ready to begin.

Don't just invest in businesses. Learn to operate them. The best investors understand what it takes to actually run something.

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

If you can't explain what a company does, how it makes money, and why it will keep growing in three sentences, you shouldn't own it.

The best investors don't predict the future. They prepare for multiple futures.

Don't trust narratives. Trust financial statements. The numbers don't lie — people do.

Volatility isn't risk. Permanent loss of capital is risk. Know the difference.

The single most important thing you can do is invest in your own financial education.

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

The big money is not in the buying and selling but in the waiting.

If you don't understand it, don't invest in it. It's that simple.

The best investing is dull, boring, and almost mechanical.

The stock market is a device for transferring money from the impatient to the patient.

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

Transparency is the ultimate competitive advantage. If you share your mistakes, people trust your wins.

Every great investment I ever made seemed crazy at the time I made it.

Climate is the single biggest investment opportunity of the next 30 years.

Bet on the founder, not the idea. Ideas change. Great founders adapt.

Increasing your income by $20,000 a year is far more impactful than optimizing your portfolio by 0.5%.

The behavior gap — the distance between what we should do and what we actually do — is the biggest cost in investing.

Financial education shouldn't cost $200,000 in tuition. A podcast and a library card can change your life.

The best investors I know read more than they trade. Most people have it backwards.

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

If you can't explain why you own a stock in three sentences, you probably shouldn't own it.

The best hedge against bad investments is understanding what you actually own.

A stock is not a ticker symbol. It's a fractional ownership of a real business. Act accordingly.

The fastest way to become wealthy is to build a business. The best way to stay wealthy is to invest.

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

Invest three percent of your income in yourself in order to guarantee your future.

The biggest risk in investing isn't volatility. It's never getting started.

When you invest twelve minutes and the guy wants a billion, you're going to lose big or win big.