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March 22 - March 24, 2022
"To make money they didn't have and didn't need, they risked what they did have and did need. And that's foolish. It is just plain foolish. If you risk something that is important to you for something that is unimportant to you, it just does not make any sense."
What really gives people meaning and happiness is a combination of four things: Control over what they're doing, progress in what they're pursuing, being connected with others, and being part of something they enjoy that's bigger than themselves.
"It's far better to be mostly right than precisely wrong."
Danger is when something can be stated as fact, without facts backing it up, and still be accepted by most.
That, more or less, is why those making $250,000 don't feel rich. It's not that they don't earn a lot. It's that passing new social hurdles becomes so difficult that relative wealth -- all that really matters -- declines.
When someone offers you money, take it. And when the law allows you to walk away from a debt, do it. That's rational behavior.
the biggest driver of economic success over time is productivity growth and population growth.
For stocks, that value is earnings. For economies, it's productivity and population.
Give yourself room for error. There's the old saying, "No one ever dies wishing they saved more money." Maybe true, but plenty live wishing they had.
The big money to make is when markets are down.
Use the volatility to your advantage. Don't become bitter. Become better.
To a certain extent, Berkshire will stick with lousy investments because it has made a commitment to the company, its managers, and its employees.
"If they care about the business and how the people are treated afterwards, Berkshire will be the best option."
Building wealth -- the kind of wealth you can really count on over time -- can take glacial levels of patience.
The numbers couldn't be clearer: Missing just a few of the market's best days can derail long-term wealth accumulation.
The trick is asking the right questions."
"The fastest way to become rich is to socialize with the poor; the fastest way to become poor is to socialize with the rich."
"The stock market is a giant distraction from the business of investing."
"By the age of 3, children from wealthier households hear, on average, about 500,000 encouragements and 80,000 discouragements. The ratio is reversed in households on welfare."
"The opposite of success isn't failure; it is name-dropping."
