Thread by @MashraniVivek

Sad to know that one of the greatest investing legend has passed away....

He was 99...

As a tribute to this legend I have compiled thread of 99 powerful lessons...

These lessons will help us become best version of ourselves...

here we go...

1. BE A LEARNING MACHINE

(1/n)

2. "The big money is not in the buying or selling, but in the waiting."

This gives us importance of riding winners and staying with compounding machines for long term and not selling them prematurely.

(2/n)

3. “Spend each day trying to be a little wise than you were when you wake up.”

Just like money, we can compound our knowledge and be better every single day by becoming LIFE LONG LEARNER...

This trait of learning is very important for every serious investor

(3/n)

4. “A lot of people with high IQs are terrible investors because they’ve got terrible temperaments.”

Managing our emotions is biggest asset in investing journey. Hence, buying a system and following it with discipline is super important.

(4/n)

5. “Simplicity has a way of improving performance by enabling us to better understand what we are doing.”

Keep it simple is best advantage in today's information overload generation. Using first principles to break any complex problem is the key.

(5/n)

6. “All intelligent investing is value investing, acquiring more than you are paying for. You must value the business in order to value the stock”

It's all about margin of safety and risk management. Focus should be on overall business

Learn More:

(6/n) youtube.com/live/P9QuuQyMg…

7. World is not driven by greed. It’s driven by envy. I have conquered envy in my own life. I don’t envy anybody. I don’t give a damn what someone else has. But other people are driven crazy by it

8. There is no way you can live an adequate life without making mistakes

(7/n)

9. In my whole life, I have known no wise people who didn't read all the time - none, zero. You'd be amazed at how much Warren reads -at how much I read. They think I'm a book with a couple of legs sticking out.

My Reading List:

(8/n)youtube.com/live/xhTR3ABl7…

10. People calculate too much and think too little. Thinking is a surprisingly underrated activity in investing.

People who cannot be alone with their own thoughts for a long time are terrible candidates to become successful investors.

(9/n)

11. Own your work and compound credibility.

For more quotes from other legendary investors, checkout this thread...

(10/n)

https://twitter.com/MashraniVivek/status/1707734198931300578

12. Those of us who have been fortunate have a duty to give back. Whether one gives a lot as one goes along as I do, or a little & then a lot (when one dies) as Warren does, is a matter of personal preference?

Giving back to society is an important trait

(11/n)

13. You should avoid sloth and unreliability.

14. Above all, live with change and adapt to it.

15. You're not going to get very far in life on the basis of what you already know. You're going to advance in life by what you're going to learn.

(12/n)

16. It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be intelligent.

(13/n)

17. “I think I'm pretty good at long run expectations, but I don't think I'm good at short-term wobbles. I don't have the faintest idea what's going to happen short term.”

Think compounding....think long term...

(14/n)

18. I think we have some special talents. That being said, I think it’s dangerous to rely on special talents — it’s better to own lots of monopolistic businesses with unregulated prices.

19. “There's an old saying, dumb is forever.”

(15/n)

20. "Always take the high road, it’s far less crowded."

Keep bigger goals....aim higher.....play big game...

(16/n)

21. "Take a Simple idea and take it Seriously..."

This clearly explains power of simplicity and compounding simple ideas...

(17/n)

22. If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.

23. “I've always believed that nothing was worth an infinite price.”

(18/n)

24. I’m a very blocking and tackling kind of a thinker. I just try & avoid being stupid

25. >> 99% percent of the troubles that threaten our civilization come from being too optimistic, therefore we should have a system where the accounting is a way more conservative

(19/n)

26. “I’m a big fan of knowing the big ideas in pretty much all the disciplines -- the ones that are pretty easy to assimilate -- and then using those routinely in your judgments. That’s just my system.”

(20/n)

27. “I think great investors to some extent are like great chess players. They’re almost born to be investors.”

28. “Good investing requires a weird combination of patience and aggression. And not many people have it.”

(21/n)

29. Mimicking the herd invites regression to the mean.

30. If you don’t get this elementary, but mildly unnatural, mathematics of elementary probability into your repertoire, then you go through a long life like a one-legged man in an ass-kicking contest.

(22/n)

31. “I'm constantly making mistakes where I can, in retrospect, realize that I should have decided differently. And I think that that is inevitable because it's difficult to be a good investor.”

(23/n)

32. “The kind of executives who have a Buffet-like mindset and never get in trouble are a minority group, not a majority group.”

(24/n)

33. The best thing a human being can do is to help another human being know more.

34. To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.

(25/n)

35. People calculate too much and think too little.

36. You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long time.

37. A great business at a fair price is superior to a fair business at a great price.

(26/n)

38. You don’t have to have the kind of ability that quantum mechanics requires. You just have to know a few simple things and really know them.

39. Those who keep learning, will keep rising in life.

To Learn with Me for FREE:

(27/n) vivekmashrani.com/newsletter

40. Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you’ve won.

41. It takes the character to sit with all that cash and to do nothing. I didn’t get to where I am by going after mediocre opportunities.

(28/n)