If you’re early on in your career and they give you a choice between a great mentor or higher pay, take the mentor every time. It’s not even close.
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The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I’m here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.
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I’ve thought a lot of things when I’m managing money with great, great conviction, and a lot of times I’m wrong. And when you’re betting the ranch and the circumstances change, you have to change, and that’s how I’ve always managed money.
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Every great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.
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I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere.
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