“Figure out what something is worth and pay a lot less.”
Talks at Google: "The Little Book that Beats the Market" (2017)
4. Tom Gayner
"If you want the secret to great success, it’s just to make each day a little better than the day before.”
The Investor's Podcast #332: "Long-Term Investing"
(Jan 2021)
5. Matthew McLennan
"Businesses that were robust today won’t be robust in the future.. Uncertainty is intrinsic to the system.”
Value Investing Live: "Prudence in a Disconnected World"
(Jan 2021)
6. Nick Sleep
“It’s all about deferred gratification..all the mistakes you make in life, private or professional, it's almost always because you reached for some short-term fix.."
Insights from the Nomad Investor Letters (2001-2014)
The Fiat Standard by @saifedean lays out the extraordinary operations of the fiat system. This thread is a quote summary of Chapter 3: Fiat Technology.
“At its essence, the Fiat Standard destroys savings and planning for the future in order to operate a payments network.”
"between 1914 and 1971, the global monetary system gradually and messily moved from the gold standard to the fiat standard. Governments effectively took over the banking sector everywhere, or the banking sector took over governments."
"the fiat standard was born out of the need for governments to manage their de facto default on their gold obligations. It was not consciously designed to optimize the user experience of currency, transactions, and banking."