Sublime

Warren Buffett. When asked, he recommended that each individual stick to their area of special competence, and be very reluctant to stray. For when we stray too far, we get into areas where we don’t even know what we don’t know. We may not even know the questions we need to ask.

To determine whether or not to break a law, the only consideration should be the consequences to yourself. What is the risk involved? What would happen if you’re caught? How much are you gaining by breaking the law? As you evaluate those consequences, don’t overlook your own emotional nature. Don’t do something that will make it impossible for you

most people look for security where it can’t be found — and in the process they become even more insecure. They hope that someone outside

Go back to my 20s and at any given point I held something like 25 individual stocks. I don’t know how I did as a stock picker. Did I beat the market? I’m not sure. Like most who try, I didn’t keep a good score. Either way, I’ve shifted my views and now every stock we own is a low-cost index fund.

Graham’s margin of safety is a simple suggestion that we don’t need to view the world in front of us as black or white, predictable or a crapshoot. The grey area—pursuing things where a range of potential outcomes are acceptable—is the smart way to proceed.

I’ve always wanted to be rich, but I’ve always been very lazy, too. One day I had it out with myself and decided that, given a choice, I would prefer a lower financial status to working long hours at something I didn’t enjoy.

These are the words of the new constitution: ‘Every citizen is free to perform any act which does not hamper the equal freedom of another. No law shall forbid the performance of any act, which does not damage the physical or economic welfare of any other person. No act shall constitute a violation of a law valid under this provision unless there is