Truth — more precisely, an accurate understanding of reality — is the essential foundation for producing good outcomes. ...
The key to success lies in knowing how to both strive for a lot and fail well. Adaptation and evolution are the only way...
Your two biggest barriers are your ego barrier and your blind spot barrier. The ego barrier is your subliminal need to b...
The big economic cycle is driven by debt. When debt is low and people are cautious, credit grows. When debt is high and ...
A beautiful deleveraging balances deflationary forces with inflationary ones. The key is getting the right mix of auster...
Markets reflect collective expectations of the future. To outperform, you need to be more right than the consensus about...
If you can write down your principles as algorithms, you can test them against history and run them forward. Systemize y...
I believe that having principles that work is essential for getting what we want out of life. We need to compare the out...
The power of compounding is extraordinary. Small consistent returns, protected from large drawdowns, compound into extra...
Over long periods, the most important force is evolution — in economies, in markets, and in your own investing ability. ...
The most valuable thing about understanding how a company works is understanding its culture and incentives. A culture o...
Judge management by whether they operate by clear principles. Great leaders have strong principles, communicate them cle...
An idea meritocracy — where the best ideas win regardless of who they come from — creates the strongest organizations. L...
Rather than picking individual stocks based on intuition, use systematic rules tested against historical data. The best ...
The key to great returns is finding alpha — returns above the market — from multiple uncorrelated sources. Each source o...
Don't concentrate your investments in one country or currency. The world is interconnected but not perfectly correlated,...
Life is a series of struggles. The key is to struggle well — to find purpose, to keep learning, and to enjoy the journey...
Meaningful work and meaningful relationships are the most important things in life. Making money is a side effect of pur...
Nature is a machine that evolves through time. Understanding its patterns helps you understand economics, investing, and...
The biggest mistakes come from venturing outside your area of expertise. Stick to what you know and do it well.
The most important thing is knowing what you don't know. Acknowledging your ignorance is the beginning of wisdom in inve...
Patient opportunism — waiting for bargains — is often your best strategy. The market eventually offers great opportuniti...
If you buy right, time is on your side. Good investments get better with time; bad ones just get exposed.
Short-term performance is meaningless. What matters is getting where you want to be over the long term with acceptable r...
The hardest part of investing isn't buying at the bottom — it's selling when things are going well and prices exceed int...
To improve as an investor, you must honestly review your past decisions. Understanding your mistakes is the surest path ...
The key to selling is recognizing when the risk-reward has become unfavorable. When the potential downside exceeds the u...
First-level thinking says 'it's a good company, let's buy.' Second-level thinking says 'it's a good company, but everyon...
Great investors achieve asymmetry: they participate fully in gains but limit losses. This is the holy grail of investing...
The market swings like a pendulum between euphoria and depression, rarely pausing at the midpoint. Understanding this cy...
Explore core insights from different masters across investment topics