The mood swings of the securities markets resemble the movement of a pendulum. Although the midpoint of its arc best des...
We can never know where we're going, but we'd better have a good idea of where we are. The ability to assess market temp...
The biggest investing errors come not from factors that are informational or analytical, but from those that are psychol...
Unconventionality is required for superior investment results. You can't do the same things others do and expect to outp...
The most important thing is to know where you stand in the cycle and act accordingly. We might not know where we're goin...
There are old investors, and there are bold investors, but there are no old bold investors. The road to long-term invest...
Don't bet on any single economic scenario. Diversify your bets across different environments so you always have somethin...
Almost all good and bad outcomes come from the price you pay. Most people's biggest mistake is to not think independentl...
Raising the probability of being right is valuable no matter what your probability already is. I make my decisions based...
Think of yourself as a machine operating within a machine. A good business is a well-designed machine that produces outc...
To be a good investor, you need to understand the economic machine and how each of its parts works together. The economy...
The most important thing is to have a great culture. An idea meritocracy where the best ideas win creates the most succe...
The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. Being open-...
Don't let your ego barrier or blind spot barrier prevent you from seeing things as they really are. Be radically open-mi...
Not all opinions are equally valuable. Weigh the opinions of believable people more heavily — those who have repeatedly ...
Throughout history, economies have gone through long-term and short-term debt cycles. Understanding these cycles helps y...
Pain plus reflection equals progress. The most painful moments in investing teach you the most — if you reflect on them ...
When everyone is in agreement, it is almost certain to be wrong. The biggest risks are those that most people don't see ...
The holy grail of investing is to find 15 or more uncorrelated return streams. This dramatically reduces risk without re...
Make sure your portfolio works in every type of economic environment. Ask yourself: what would happen to my portfolio in...
Write down your decision-making criteria so you can refine it over time. The best way to make good decisions consistentl...
Rather than trying to pick the best investments, focus on building a portfolio of uncorrelated bets. Each bet should be ...
Separate your alpha from your beta. Have a diversified beta portfolio as your foundation, and overlay alpha strategies o...
Don't worry about looking good — worry about achieving your goal. If you're wrong, acknowledge it quickly and move on. T...
When things go wrong, diagnose what went wrong by comparing the outcome to your principles. Was it an error in your prin...
Judge decisions by the quality of the process, not by the outcome. Good decisions can have bad outcomes, and bad decisio...
The economy works like a simple machine. Transactions are the building blocks. Credit drives cycles. Productivity growth...
Have clear goals, identify problems, diagnose root causes, design solutions, and push through to completion. This five-s...
Radical truth and radical transparency are fundamental. If you agree that a real idea meritocracy is what you want, then...
Think for yourself to decide what you want, what is true, and what to do about it. Principles are fundamental truths tha...
Explore core insights from different masters across investment topics