It’s a subtle recognition that people generally aspire to be respected and admired by others, and using money to buy fancy things may bring less of i… - Morgan Housel

Humility, kindness, and empathy will bring you more respect than horsepower ever will.

A mindset that can be paranoid and optimistic at the same time is hard to maintain, because seeing things as black or white takes less effort than accepting nuance. But you need short-term paranoia to keep you alive long enough to exploit long-term optimism. Jesse Livermore figured this out the hard way.

Every job looks easy when you’re not the one doing it because the challenges faced by someone in the arena are often invisible to those in the crowd.

A good definition of an investing genius is the man or woman who can do the average thing when all those around them are going crazy. Tails drive everything.