So you can get very remarkable investment results if you think more like a winning pari mutuel player. Just think of it as a heavy-odds against game … - Charlie Munger

In contrast, most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact.

It takes character to sit with all that cash and to do nothing.
I didn't get top where I am by going after mediocre opportunities.

When Warren lectures at business schools, he says, “I could improve your ultimate financial welfare by giving you a ticket with only 20 slots in it so that you had 20 punches, representing all the investments that you got to make in a lifetime. And once you’d punched through the card, you couldn’t make any more investments at all.” He says, “Under those rules, you’d really think carefully about what you did, and you’d be forced to load up on what you’d really thought about. So you’d do so much better.