Quotes from William Green

Music is a friend of labor for it lightens the task by refreshing the nerves and spirit of the worker.

I've been doing a lot of learning from mistakes, first and foremost, and building off that.

One practical trick, says Sleep, is to "reward yourself in the short term" by relishing the prospect of all the wonderful benefits you will enjoy because you chose to override your desire for instant gratification. That way, deferral becomes associated with pleasure and "you're much more likely to embrace it." Indeed, says Sleep, "I quite like the overriding because you just know that it's going to make your life better.

I compensate for the lack of intellect with more discipline and steadiness and persistence.

This habit of actively collecting examples of other people's foolish behavior is an invaluable antidote to idiocy. In fact, it's the second great anti-stupidity technique we should learn from Munger.

First of all, said Templeton, beware of emotion: "Most people get led astray by emotions in investing. They get led astray by being excessively careless and optimistic when they have big profits, and by getting excessively pessimistic and too cautious when they have big losses.

Fragility comes in many forms

He noted in one of his earliest memos that the average annual return for stocks from 1926 to 1987 was 9.44 percent, but "if you had gone to cash and missed the best 50 of those 744 months, you have would have missed all of the return. This tells me that attempts at market timing are a source of risk, not protection."*

the human brain is ill-equipped to make rational decisions. Our judgment is frequently torpedoed by emotions such as fear, greed, jealousy, and impatience; by prejudices that distort our perception of reality;

As Kahn put it, the secret of investing could be expressed in one word: "safety." And the key to making intelligent investment decisions was always to begin by asking, "How much can I lose?

Consider the brutal mathematics of financial loss: if you lose 50 percent on an ill-considered bet, you'll need a 100 percent gain just to get back to where you started.

The future is so "intrinsically uncertain" that investors should focus heavily on avoiding permanent losses and building "a portfolio that can endure various states of the world.

If you want to become "a stock market master," he explained, "stick to buying good companies (ones that have a high return on capital) and to buying those companies only at bargain prices (at prices that give you a high earnings yield).

Stocks are ownership shares of businesses," which "you're valuing and trying to buy at a discount." The key, then, is to identify situations in which there's a particularly large spread between the price and the value of the business. That spread gives you a margin of safety, which Greenblatt (like Graham and Buffett) regards as the single most important concept in investing.

That means adopting "a mindset of falsification," always striving to "disprove" your hypothesis, and seeing "if it stands up to the assault." One of Shubin Stein's favorite questions is, "Why might I be wrong?

The scientific literature shows that hunger, anger, loneliness, tiredness, pain, and stress are common "preconditions for poor decision making." So Shubin Stein uses an acronym, HALT-PS, as a reminder to pause when those factors might be impairing his judgment and postpone important decisions until he's in a state in which his brain is more likely to function well.* This is our seventh technique for reducing avoidable stupidity.

There are four things that we know improve brain health and brain function," says Shubin Stein. "Meditation, exercise, sleep, and nutrition.

My favorite story about Danoff's intensity comes from Bill Miller, who recalls being introduced to him at an investment conference in Phoenix about thirty years ago: "I stuck out my hand and I said, 'Nice to meet you, Will.' And he didn't hold his hand out. He just looked at me and said, 'I'm gonna beat you, man. I'm gonna beat you.

But my favorite story of Munger's flamboyant failures in diplomacy comes from Buffett, who shared it with Pabrai and Guy Spier over lunch in 2008. Munger, who has a glass eye, visited the Department of Motor Vehicles, where a hapless bureaucrat made the unfortunate error of asking him, "Do you still have just one good eye?" Munger replied, "No. I've grown a new one.

I don't have any wonderful insights that other people don't have. I just have slightly more consistently than others avoided idiocy. Other people are trying to be smart. All I'm trying to be is non-idiotic. I find that all you have to do to get ahead in life is to be non-idiotic and live a long time. It's harder to be non-idiotic than most people think.

wrote: Rule 1: Clone like crazy. Rule 2: Hang out with people who are better than you. Rule 3: Treat life as a game, not as a survival contest or a battle to the death. Rule 4: Be in alignment with who you are; don't do what you don't want to do or what's not right for you. Rule 5: Live by an inner scorecard; don't worry about what others think of you; don't be defined by external validation.

If you just go around and identify all of the disasters and say, 'What caused that?' and try to avoid it, it turns out to be a very simple way to find opportunities and avoid troubles.

Hang out with people who are better than you and you cannot help but improve." Pabrai acts on this advice to a degree that would horrify many people. "When I meet someone for the first time, I evaluate them afterwards and say, 'Will it make me better or worse to have a relationship with this person?'" If the answer is worse, he says, "I'll cut him out.

Kahn's answer: "Investing is about preserving more than anything. That must be your first thought, not looking for large gains. If you achieve only reasonable returns and suffer minimal losses, you will become a wealthy man and will surpass any gambler friends you may have. This is also a good way to cure your sleeping problems.