We don't claim to have perfect morals, but at least we have a huge area of things that, while legal, are beneath us. We won't do them. Currently, there's a culture in Americathat says that anything that won't send you to prison is OK.

You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add - and that your best course is to trust some expert.

It's dangerous to short stocks.

Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.

In my whole life, I have known no wise people who didn't read all the time - none ... ZERO.

To the man with only a hammer, every problem looks like a nail.

You don't have to have perfect wisdom to get very rich - just a bit better than average over a long period of time.