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Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life by William Green

Key Takeaways

  1. Studying investing is not only about learning how to make money, but learning how to think and make decisions

  2. Learning how to think by probability will do you more good than any book on investing. A dispassionate analysis of the facts and probabilities is one of the best mental habits you could build. They key lies in understanding how to optimize the odds for success

  3. Game selection is key. If you don’t have an edge, don’t play. There are many ways to make money, but they all require an edge

  4. You have to have the inner calm, willingness, and disregard of what other people think. You have to be ok with being lonely, different, and misunderstood for long periods of time. These investors favor winning and being right than sticking with the crowd

  5. Beware the pendulum of history. Know your history but don’t expect it to exactly repeat. Never rely on things that cannot last. Be ready for change, for it will come

  6. Structure your life, portfolio, and relationships to be robust. Don’t maximize. Be ready for change. Adapt and evolve

  7. Seek to reduce the complex to its essence. Only true understanding allows for this to happen

  8. Must look long term and have the capacity to suffer. This is another principle that applies far beyond investing. Sacrifice today so that you can have more tomorrow

  9. Write down good habits as well as a list of things to not do

  10. Learn to destroy your best loved ideas

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