- Invest... don't speculate. It's the cash flows from the asset that generate your return, not the movement in the price.
- You don't have to diversify. "If somebody owns 50 stocks, can they really like the one they rank as number 50 as well as the one they rank as number 1? Can they know it as well? I don't think so."
- Be a business owner. Don't just buy shares.
- Allocate capital efficiently. Take the profits of one business and invest them in another.
- Don't get into debt. "If you're smart you don't need it, and if you're dumb you've got no business using it."
Beware Lists of Giant Winners - You can tell we are getting later in the cycle of a market when people start to notice all of the giant winners they missed. In 2010 or so, you would not...
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