The only way to build wealth is to have a gap between your ego and your income.
If your expectations grow faster than your income you’ll never be happy with your money no matter how much you accumulate.
A big takeaway from economic history is that the past wasn’t as good as you remember, the present isn’t as bad as you think, and the future will be better than you anticipate.
Every past decline looks like an opportunity and every future decline looks like a risk.
Every market valuation is a number from today multiplied by a story about tomorrow.
Money’s greatest intrinsic value is its ability to give you control over your time.
Unsustainable things can last longer than you anticipate.
It’s hard to tell the difference between boldness and recklessness, greed and ambition, contrarian and wrong.
Tell people what they want to hear and you can be wrong indefinitely without penalty.
Housing is often a liability masquerading as a safe asset.
Emotions can override any level of intelligence.