Some excerpts
- I don’t know a wise person who doesn’t read a lot.
- People are trying to be smart - all I am trying to do is not to be idiotic, but it’s harder than most people think.
- Indexing has gained a lot, and rightfully so, because it is quite rational way to invest. If you think about it there are only about 5% of rational people and 95% shamans and faith healers
- The only thing I can say is that the desire to get rich fast is pretty dangerous.
- You basically want me to explain you a difficult subject of identifying moats. It reminds me a story. One man came to Mozart and asked him how to write a symphony. Mozart replied: "You are too young to write a symphony". The man said: "You were writing symphonies when you were 10 years of age, and I am 21". Mozart said: "Yes, but I didn’t run around asking people how to do it".
- The one thing that surprise me all my life is how many people with high IQs do massively stupid things. This makes a world a very dangerous place, because your doctor or your investment manager can go crazy
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