The bigger the gap between what you want to be true and what you need to be true to have an acceptable outcome, the more you are protecting yourself from falling victim to an appealing financial fiction.
lk 196
The bigger the gap between what you want to be true and what you need to be true to have an acceptable outcome, the more you are protecting yourself from falling victim to an appealing financial fiction.
lk 196
Pessimism just sounds smarter and more plausible than optimism.
lk 179
Like everything else worthwhile, successful investing demands price. But its currency is not dollars and cents. It’s volatility, fear, doubt, uncertainty, and regret— all of which are easy too overlook until you’re dealing with them in real time.
lk 158
Every job looks easy when you’re not the one doing it because the challenges faced by someone in the arena are often invisible to those in the crowd.
lk 158
“Toimejõud” on tehniline nimetus tundele, et inimene on oma elu peremees: teab, millises eluetapis ta parajasti viibib; teab, et tal on temaga toimuva suhtes õigus oma arvamusele; teab, et tal on teatud võime oma olukorda kujundada.
lk 107
The trick that often goes overlooked—even by the wealthiest—is what we saw in chapter 10: realizing that you don’t need a specific reason to save.
lk 145
The most important economic events of the future—things that will move the needle the most—are things that history gives us little to no guide about.
lk 128
The most common plot of economic history is the role of surprises.
lk 126
Most forecasts about where the economy and the stock market are heading next are terrible, but making forecasts is reasonable.
lk 119
The man who can do the average thing when all those around him are going crazy.
Napoleon
lk 76
It is not intuitive that investor can be wrong half the time and still make a fortune. It means we underestimate how normal it is for a lot of things to fail.
lk 72
Small is beautiful, and all things considered, small is often better.
lk 169
The ability to stick around for a long time, without wiping out or being forced to give up, is what makes the biggest difference. This should be the cornerstone of your strategy, whether it’s investing or your career or a business you own.
lk 60
But there’s only one way to stay wealthy: some combination of frugality and paranoia.
lk 57
Good investing is not necessarily about making good decisions. It’s about consistently not screwing up.
lk 55