1. Investment wisdom

1. People calculate too much and think too little.

2. It’s remarkable how many long-term advantages people like us gain by trying not to be stupid, rather than trying to be very smart!

3. Generally speaking, jealousy, resentment and self-pity are catastrophic ways of thinking. Excessive self-pity makes people almost paranoid, and paranoia is one of the most difficult things to reverse. We should not fall into self-pity.

4. What is basic, universal wisdom? The first rule is that you can't really understand anything if you just memorize isolated facts and stuff them together. If these things are not organized into the memory grid, they exist in an unusable form. You have to build a model in your brain.

2. Wealth Creation

1. Making big money is not about buying and selling, but about waiting.

2. What is the secret of success? "reason".

3. The best way to get what you want is to make yourself worthy of it.

4. If I knew where I would die, I would never go to that place.

3. The importance of learning

1. There is no universal formula. You need to know a lot about business, human nature and numbers. Don’t expect a magical system to do it for you. these jobs.

2. If you take the interdisciplinary path with ease, you will never want to go back, because it will be like cutting off your hands.

3. In all the smart people I have known in my life, there is no one who does not read every day - no, not one. It may surprise you that Warren reads so much. He is a book with two legs.

4. Try to be smarter before you get up every day than before you went to bed yesterday, day after day. If you live long enough, you will get what you deserve in the end.

4. Circle of Competence Theory

1. Knowing what you don’t know is more useful than being smart.

2. If something is too difficult, we just jump over and change it. Is there anything simpler than doing this?

3. You don’t need to be very smart, you just need to be a little smarter than others for a long, long time.

4. There are three baskets, namely: entry, exit and too difficult. We must have enough insight, otherwise we will mistakenly throw into the "too difficult" basket.

5. Principles of Life

1. "Imitating the herd" will make people return to mediocrity.

2. Life is like a poker game. Even if sometimes you get a hand that you like very much, you must learn to give up.

3. Learn to think about things upside down. From a later perspective, reverse thinking will help you discover many problems.

4. Life is a series of "opportunity costs". You have to marry the best person you can find. How similar is this to investment!