Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.

One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work.

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.

This is an amazingly sound place. We are more disaster-resistant than most other places. We haven't pushed it as hard as other people would have pushed it. I don't want to go back to Go. I've been to Go. A lot of our shareholders have a majority of their net worth in Berkshire, and they don't want to go back to Go either.

Capitalism is a pretty brutal place.

The only way to win is to work, work, work, work, and hope to have a few insights

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