Category: Notes

What is working poorly is usually either uncorrectable or 10 times harder to correct than you may think.

– Charlie Munger

The purest form of disruption is when an incumbent invests in its own demise because their business model leaves them no choice.

– Ben Thompson

I have always understood that the world changes a lot. Just because you’re doing well now doesn’t mean you should be set in your ways. It’s my habit that I am very careful with my cash flow. That I means I have the extra capital to get into another industry whenever I want to. Cash flow is the most important thing. I have this principle: in the development phase, don’t forget about stability. When there’s stability, don’t forget about development. Such a balance is very important.

– Li Ka-Shing

Having a scientific understanding of the world is fundamentally about how you judge which information to trust.

– Atul Gawande

People who are curious are going to be better investors and better stewards of others’ money. If there’s no curiosity, you’re basically doing something that’s already been done by someone else.

– Henry Kravis

A scientist has a healthy skepticism, suspended judgement, and disciplined imagination…the scientist explains the world by successive approximations.

– Edwin Hubble

As an investor, success can be defined by how much you make when you are right, less how much you lose when you are wrong. This means how often you are right or wrong does not matter very much in the end. Magnitude beats frequency.

– Josh Wolfe

I think it’s essential to remember that just about everything is cyclical. There’s little I’m certain of, but these things are true: Cycles always prevail eventually. Nothing goes in one direction forever. Trees don’t grow to the sky. Few things go to zero. And there’s little that’s as dangerous for investor health as insistence on extrapolating today’s events into the future.

– Howard Marks

The more the universe seems comprehensible, the more it also seems pointless.

– Steven Weinberg