Podcasts

• Incorporate an appropriate margin of safety.
• Avoid dealing with people of questionable character.
• Insist upon proper compensation for risk assumed.
• Always beware of inflation and interest rate exposure.
• Avoid big mistakes; shun permanent capital loss.

• Objectivity and rationality require independence of thought.
• Remember that just because other people agree or disagree with you doesn't make you right or wrong; the only thing that matters is the correctness of your analysis and judgment.
• Mimicking the herd invites regression to the mean (merely average performance).

• Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.
• More important than the will to win is the will to prepare.
• Develop fluency in mental models from major academic disciplines.
• If you want to get smart, the question you have to keep asking is, "why, why."

• Stay within a well-defined circle of competence.
• Identify and reconcile disconfirming evidence.
• Resist the craving for false precision, false certainties, etc.
• Above all, never fool yourself, and remember that you are the easiest person to fool.

• Determine value apart from price, progress apart from activity, wealth apart from size.
• It is better to remember the obvious than to grasp esoteric.
• Be a business analyst, not a market, macroeconomic, or security analyst.
• Consider totality of risk and effect; look always at potential second-order and higher-level impacts.
• Think forwards and backward - Invert, always invert.

• Remember that highest and best use is always measured by the next best use (opportunity cost).
• Good ideas are rare; when the odds are greatly in your favor, bet (allocate) heavily.
• Don't "fall in love" with an investment; be situation-dependent and opportunity-driven.

"Compound interest is the eighth wonder of the world" (Einstein); never interrupt it unnecessarily.

• Avoid unnecessary transactional taxes and frictional costs; never take action for its own sake.
• Be alert for the arrival of luck.
• Enjoy the process along with the proceeds because the process is where you live.

• Remember that highest and best use is always measured by the next best use (opportunity cost).
• Good ideas are rare; when the odds are greatly in your favor, bet (allocate) heavily.
• Don't "fall in love" with an investment; be situation-dependent and opportunity-driven.

• Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat

•guard against the effects of hubris (arrogance) and boredom

• Don't overlook the obvious by drowning in minutiae (the small details)

•Be careful to exclude unneeded information or slop: "A small leak can sink a great ship"

• Face your big troubles, don't sweep them under the rug

In the end, it comes down to Charlie's most basic guiding principles, his fundamental philosophy of life: Preparation, Discipline, Patience, Decisiveness.