Value investing is at its core the marriage of a contrarian streak and a calculator.
Doers Are Thinkers
My observation is that the doers are the major thinkers. The people that really create the things that change the industry are both the thinker-doer in the same person.
People Who Write A Lot
People who write a lot, also listen a lot. They also change their mind a lot. Not necessarily with new data, but sometimes re-analyzing the same data. They also work hard to disconfirm fundamental biases.
Discovering The Self
The self does not lie passively in wait for us to discover it. Selfhood is made in the active, ongoing process, in the German verb werden, ‘to become.’
Figure Out What Works And Do It
Lee Kuan Yew said one thing over and over and over again all his life: ‘Figure out what works and do it.’ If you just go at life with that simple philosophy…you’ll find it works wonderfully well. Figure out what works and do it.
The Key To Science
It doesn’t matter how beautiful your theory is, it doesn’t matter how smart you are. If it doesn’t agree with experiment, it’s wrong. In that simple statement is the key to science.
Building The Team
Making a product is hard but making a team that can continually make products is even harder. The product I’m most proud of is Apple and the team I built at Apple.
Gradual Improvement
Headlines, in a way, are what mislead you, because bad news is a headline, and gradual improvement is not.
Thinking and Investing
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.
– Charlie Munger