I think in my twenties I tended to think of all people as sort of more or less alike. In now think that people are really different in all these subtle ways that are very important.

A true bubble is when something is overvalued and intensely believed.

There are many more secrets in the world that are waiting to be found. The question of how many secrets exist in our world is roughly equivalent to how many startups people should start.

The road doesn’t have to be infinite after all. Take the hidden paths.

Value investors look at cash flows. If a company can maintain present cash flows for 5 or 6 years, it’s a good investment. Investors then just hope that those cash flows - and thus the company’s value - don’t decrease faster than they anticipate.

Higher education holds itself out as a kind of universal church, outside of which there is no salvation.

Long-term planning is often undervalued by our indefinite short-term world.