— Charlie Munger
— William Penn
…We are quick to forget that just being alive is an extraordinary piece of good luck, a remote event, a chance occurrence of monstrous proportions.
Imagine a speck of dust next to a planet a billion times the size of the earth. The speck of dust represents the odds in favour of your being born; the huge planet would be the odds against it. So stop sweating the small stuff. Don’t be like the ingrate who got a castle as a present and worried about the mildew in the bathroom. Stop looking the gift horse in the mouth – remember that you are a Black Swan.”— Nassim Taleb
— Ralph Waldo Emerson
… Now that is easy, because it’s so simple.
You don’t have a lot of envy. You don’t have a lot of resentment, You don’t overspend your income. You stay cheerful in spite of your troubles. You deal with reliable people and you do what you’re supposed to do. And all these simple rules work so well to make your life better. And they’re so trite.
‘How old were you when you figured this out?’
About seven. I could tell that some of my older people were a little bonkers. I’ve always been able to recognize that other people were a little bonkers. And it helped me because there’s so much irrationality in the world. And I’ve been thinking about it for a long time, its causes and its preventions, and so forth. Sure it’s helped me.
And–staying cheerful…because it’s a wise thing to do. Is that so hard? And can you be cheerful when you’re absolutely mired in deep hatred and resentment? Of course you can’t. So why would you take it on?
‘Is there any advice you would go back and give your 20-year-old self? ’
Many of my children have worked out well. And I’ve had very little to do with it. I think they come into the world, to a certain extent, pre-made. And you just sit there and watch…. It’s been simply amazing to me as a parent to note know much is sort of preordained. The shy baby is the shy adult. The booming, obnoxious, domineering baby is the booming, domineering, obnoxious adult. I’ve never found a way to fix that. I can be cheerful about it, but I can’t fix it. I can change my reaction, but I can’t change the outcome.— Charlie Munger
— Kelley Wright from “Dividends Still don’t Lie” P. 13
— Kelley Wright from “Dividends Still don’t Lie” P. 12
… In my experience the most successful investors have had an end goal in mind that they wanted to achieve, which necessarily dictated the majority of their investment decisions. This is not to say that you can’t be a successful investor without having a game plan mapped out, but understanding your motivation for putting your hard-earned money at risk in the markets can help you avoid taking unnecessary risks.”— Kelley Wright from “Dividends Still don’t Lie” P. 3
… Indeed, when you take the two basic strategic decisions we’ve already made — be an owner, not a loaner; never get scared out of equities — and add these four tactical “how-to” behaviors, you’ve probably accounted for 90% or more of your total lifetime return. Which particular mutual funds you select may – I say again may — account for the other 10%. But don’t be surprised if it’s even less than that.
The four behavioral tactics are:
— setting goals in dollar-specific, date-specific terms,
— establishing a plan for achieving those goals, assuming a specific rate (or rates) of return,
— investing the same dollar amounts at regular intervals, so as to harness the power of dollar-cost averaging, and
— meeting your retirement income needs via systematic withdrawal from your equity mutual fund portfolio.— Nick Murray from “Simple Wealth Inevitable Wealth” p. 110