This is a great documentary about the 1987 crash.
So rationality is: Across a broad range of disciplines, you know what works and what doesn’t and why.Charlie Munger
Generational wealth, that’s the key
My parents ain’t have shit, so that shift started with me
We’re never going to close the wealth gap by bringing down those at the top. We have to bring up everyone else, especially those at the bottom.
We progress at night when the politicians sleep.Brazilian saying
“Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.”Smith, Adam.
The true investment objective of growth is not just to make gains but to avoid loss.Fisher, Philip A.. Common Stocks and Uncommon Profits and Other Writings: 40 (Wiley Investment Classics) (p. 196). Wiley. Kindle Edition.
Excessive pride or self-confidence, often entailing a loss of contact with reality and an overestimation of one’s own capabilities, especially on the part of those in positions of power.Webster’s dictionary, 8th
“The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism. The intelligent investor is a realist who sells to optimists and buys from pessimists.”Benjamin Graham