Sublime

You have thirty bullets to fire and this is not a charity; this is a war. You should meet with the best teams capable of building products with sweat equity (see chapter 7) and who have the most traction. Perhaps after you make a huge return, you can run an incubator for people with business plans, or a coding school for people who don’t know how t

By this time our size makes us look at smaller investments more realistically: corporate management, attending meetings and managerial time are expensive. At Paladin and Zeder we have the framework that we invest in businesses that are easy to understand, and have a cash flow and good management. Our share of the profit after tax has to exceed R10

The best mental models I have found came through evolution, game theory, and Charlie Munger. Charlie Munger is Warren Buffett’s partner.

living a happy life?” ninety-eight-year-old Charlie Munger replied: The first rule of a happy life is low expectations. If you have unrealistic expectations you’re going to be miserable your whole life. You want to have reasonable expectations and take life’s results, good and bad, as they happen with a certain amount of stoicism.

Each quarter we try to study an admirable company and discuss it with our Operating Group managers and board members. We focus on high performance conglomerates that have demonstrated at least a decade of superior shareholder returns.

successful investor is generally a well-rounded individual who puts a natural curiosity and an intellectual interest to work.