Bubbles aren’t so much about valuations rising. That’s just a symptom of something else: time horizons shrinking as more short-term traders enter the… - Morgan Housel

we tell ourselves stories to fill in the gaps of what are effectively blind spots.

More than I want big returns, I want to be financially unbreakable. And if I’m unbreakable I actually think I’ll get the biggest returns, because I’ll be able to stick around long enough for compounding to work wonders.

During World War II an unnamed U.S. soldier was interviewed by a newspaper. Asked what he was thinking during combat, the soldier replied: “I was hoping to remember to stay afraid because that is the best way to stay alive and not make careless mistakes.