Fear and, to a lesser extent, greed are what make money move.

The most important driver of anything tied to money is the stories people tell themselves and the preferences they have for goods and services. Those things don’t tend to sit still.

It turns out, people matter. You can study all the theory in the world and not be prepared for the hair standing up on the back of your neck because you just don’t trust someone.

What separated the good from the great investors had little to do with their analytical tools but a great deal to do with how they made decisions.