The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.

Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of money. What is also needed is a temple of shame squared for things you didn't do that would have made you rich. Forgetting your mistakes is a terrible error if you are trying to improve your cognition. Reality doesn't remind you. Why not celebrate stupidities in both categories?

Someone will always be getting richer faster than you. This is not a tragedy.

Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best.

A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.

If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking whether youve passed the boundary is a question that almost answers itself.