When I started, I didn’t realize that the biggest profits usually come from sitting on a great position — from doing what looks like nothing to the outside world. You have more time than you think, so be patient.
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People who have had success in other parts of their lives have difficulty accepting how much failure there is in the stock market.
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In investing, where doing nothing often prevents blunders, a certain style of laziness is adaptive, but mental laziness isn’t, and not thinking independently is absolutely toxic.
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Call it humility, call it honesty with yourself, but failing to admit to investment mistakes means failing investing.
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The best investors I’ve seen all have an above-average ability to change their mind.
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I don’t think it’s productive to wallow in regret. But if you’ve lost money in a stock and you don’t learn anything, that’s wasted money. Figure out what it is that you did wrong and don’t do it again.
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Stoic detachment combined with emotional awareness is the perfect combination for stocks. Feel the fear, but let reason decide.
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