Sublime

“Fortune always will confer an aura of worth, unworthily, and in this world the lucky person passes for a genius.” EURIPIDES, THE HERCLEIDAE, C. 429 BCE

Become OK with a lot of things going wrong. You can be wrong half the time and still make a fortune, because a small minority of things account for the majority of outcomes.

If you give luck and risk their proper respect, you realize that when judging people’s financial success—both your own and others’—it’s never as good or as bad as it seems.

At the time, of course, no one could know the potential value of these securities. On the face of it, the associates had laid out a total of $10 to $11 million and become primary owners of a corporation capitalized at $31,486,000. As the road developed under expert management, though, it naturally increased sharply in value and earned handsome prof

Buffett’s fortune isn’t due to just being a good investor, but being a good investor since he was literally a child. As I write this Warren Buffett’s net worth is $84.5 billion. Of that, $84.2 billion was accumulated after his 50th birthday. $81.5 billion came after he qualified for Social Security, in his mid-60s.

One of the lessons your management has learned—and, unfortunately, sometimes re-learned—is the importance of being in businesses where tailwinds prevail rather than headwinds.