Czar Ventures

“Value in relation to price, not price alone, must determine your investment decisions If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor If you insist on looking to Mr Market for investment guidance, however, you are probably best advised to hire someone else to manage your money ”

MARGIN OF SAFETY : Risk-Averse Value Investing Strategies for the Thoughtful Investor

“Allocating money into rigid categories simplifies investment decision making but only at the potential cost of lower returns For one thing many attractive investments may lie outside traditional categories Also, the attractive historical returns that draw investors to a particular type of investment may have been achieved before the category was identified as such By the time leveraged buyouts (LBOs) became a sought-after category of institutional investment, for example, the high returns available from the early deals were no longer available ”

on institutional investors allocating assets into overly narrow categories in MARGIN OF SAFETY : Risk-Averse Value Investing Strategies for the Thoughtful Investor

“I believe that the key to success lies in knowing how to both strive for a lot and fail well By failing well, I mean being able to experience painful failures that provide big learnings without failing badly enough to get knocked out of the game ”

Principles: Life and Work

“Recognize that 1) the biggest threat to good decision making is harmful emotions, and 2) decision making is a two-step process (first learning and then deciding) ” “Think for yourself to decide 1) what you want, 2) what is true, and 3) what you should do to achieve #1 in light of #2, and do that with humility and open-mindedness so that you consider the best thinking available to you ” “The biggest mistake most people make is to not see themselves and others objectively, which leads them to bump into their own and others’ weaknesses again and again ” “Asking others who are strong in areas where you are weak to help you is a great skill that you should develop no matter what, as it will help you develop guardrails that will prevent you from doing what you shouldn’t be doing ” “The only way to do great work is to love what you do ” “Don’t let the noise of others’ opinions drown out your own inner voice ” “Do not put all eggs in one basket ” “Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple But it’s worth it in the end because once you get there, you can move mountains ”