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December 27, 2020 - January 1, 2021
He began to realize that most people from backgrounds as privileged as his lacked any real incentive to compete, and that fiercer rivalry was to be found from boys who had not been born with his advantages. He even wondered if it was an advantage to be disadvantaged.
William looked for four things from his investments: a low multiple of earnings, a high growth rate, strong asset backing and a favourable trading forecast.
He had learned two lessons: never gamble when the odds are tipped against you; and always be ready to walk away from a deal once you have reached your limit.
He was not sure where his newly acquired knowledge would take him, but he never doubted the Baron’s maxim that there was no substitute for a good education.
If you have to pay a bill, always make it look as if the amount is of no consequence. If it is, don’t go to the restaurant again. Whatever you do, don’t complain or look surprised – that was something else the rich had taught him.
it doesn’t matter what you look like once the lights are out; it only matters what you can do.’
The pitcher carries water only until the handle breaks.
A shrewd investor, in William’s opinion, did not just run with the herd, thundering or otherwise, but worked out in advance the direction in which that herd would be turning next.
‘No. I’m just looking at my greatest asset, and making sure I never take it for granted.’
my father taught me that you can serve either a small group of rich people or a large group of poor people, but not both,
‘Never seek the wind in the field – it is useless to try and find what is gone.’