Shawn

execution beats intelligence every single time

Warren Buffett has one question that ends every conversation with an economist who wants to give him investing advice. Name one super wealthy economist who has ever made money in securities. He's still waiting for an answer. John Maynard Keynes tried. In his early career, Keynes believed he could predict what he called the "credit cycle" by studying economic variables and position his investments accordingly. He was wrong. Twice. He had to borrow money from other people just to stay afloat. Eventually Keynes gave it up and switched to buying good businesses cheap that he understood, concentrating his investments in a handful of positions. He did very well after that. Keynes spent the first part of his career using the tools every economist uses and went broke. He spent the second part ignoring economic variables and made a fortune. "You can name all these economists with 160 IQs who spend their whole lives studying it," Buffett said. "They don't make money in securities." People who buy and sell stocks listen to them anyway.

you can outsource your thinking but you cannot outsource your understanding

Kevin O’Leary reveals Jeff Bezos doesn’t make decisions after 1 PM "Bezos will not make a decision after one in the afternoon because he felt that the noise was too high. The signal for him was in the morning hours" "This is a crucial aspect of success that I now understand defines an entrepreneur. A man or woman that understands a signal noise ratio and focuses on that, they'll be successful" "The ones that can’t get down to a 50/50 signal noise, they'll fail. It's a very simple concept. You have to decide how much signal you need to get those three to five things done"

This is one of my favorite Warren Buffett clips, one how the 2008 Great Financial Crisis happened… Buffett: “Well, people always should know better. I mean, people... they don’t get smarter about things that get as basic as greed. You can’t stand to see your neighbor getting rich. You know you’re smarter than he is, and he’s doing these things, you know, and he’s getting rich, and your spouse is getting unhappy with you because you aren’t doing it…” Human psychology ladies and gentlemen.

Warren Buffett: "[Gambling] is a tax on stupidity." "Rich people love [legalized gambling] because they don't have to pay. To the extent that states raise money from people who the dollar really means something to them, it actually relieves the taxes on me or other rich people. It's not direct, but it's the net effect." "I don't like things that make a sucker out of people. I don't think the function of the government is to play its people for suckers."

a man who waits for the perfect shot will die with a full mag

🇺🇸 WARREN BUFFETT: "I can end the U.S. deficit problem in 5 minutes." "Just pass a law that any time there's a deficit of more than 3% of GDP, all members of Congress are ineligible for re-election."

Don’t take advice on winning from people who aren’t winning. Which is most people.

5 things worth protecting: 1. Your sleep 2. Your circle 3. Your word 4. Your attention 5. Your calendar Give any of these away cheap and you'll feel it.

.@davidsenra says Charlie Munger told him, "Most people are rat poison."⁣ ⁣ "Charlie had no filter."⁣ ⁣ “He goes, ‘If you surround yourself with high-quality people, and you get in a good business and stay there, that avoids most of the problems you’re going to have in life.’”

This is funny. What if you invested in the S&P 500 every time CNBC had a "Markets in Turmoil" special? Well... your average return after one year would be 40%, with a 100% success rate.

Putting on a white lab coat made people start acting like rigorous scientific thinkers, so much so they even made fewer errors on a test that measured sustained attention... But when people were told the coat was for painting houses, putting it on did not improve their test scores... Referred to as Enclothed Cognition... Red panty night is real...

FUN FACT: People who can’t communicate think everything is an argument. And people who lack accountability think everything is an attack.

FUCK YOUR TIRED BODY

When you say goodbye to someone but end up walking in the same direction

nobody coming to save you also implies no one is coming to stop you

The mind of humanity

The cold water doesn’t get hotter while you wait to jump.

As long as the dice keep rolling you’ll get your six. Keep shooting.