-Investing doesn’t need to be a full-time job. If you’re doing it right, it doesn’t require daily attention. A lot of work is needed in the beginning to educate yourself. After that it’s largely a waiting game, which involves checking in once in awhile to see how things are going and to look for new opportunities. There’s a point at which too much attention to your investments, to the markets, to the news, etc., can cause you to make bad decisions. “Set it and forget it” isn’t a great idea either, because business conditions change. Find the balance between too much attention and too little. It’s the business operator, not the investor, who needs to pay attention the most. And if you’re a passive investor who buys index funds, you can check out for years at a time.

-When you invest wisely, you make money in your sleep. And no real work is necessary on your part, except the research that leads you to the investment.

-In investing, there’s a tendency to be greedy. It makes sense to be greedy when prices are super low, but at some point you have to be happy with the result you get. If you get a good bargain, you should be happy, instead of being upset that you weren’t able to time the bottom perfectly. Do your homework, be patient and take advantage of good opportunities when they present themselves. If you stick with that approach, you’ll do better than most investors.

-Those who do the best in investing are those who are most rational about it.

-Never forget that markets can be irrational. Market gyrations aren’t there to “instruct you.” You can’t beat the herd by following the herd.

-To do well in investing you need to recognize value that other investors haven’t recognized yet.

-With stocks, it’s not a question of what the market is doing, it’s a question of what the companies are doing. What do the economics of the business look like and what is the share price relative to that?

-If you’re “momentum investing”, eventually you’re going to run out of momentum. And probably at the wrong time.

-To be good at investing, you need to think mathematically. In particular, you need to understand probability. You don’t have to be great at math. Average math abilities are enough, but you have to be willing to actually use that math knowledge.

-Good investment opportunities don’t come along that often. So if you find one, you should hang on to it until you get a really good return from it. If you’re just trying to get a quick 5% or 10%, you’ll likely be kicking yourself later when it goes up a lot more. If it was cheap when you bought it and it’s still cheap now, there’s no need to sell, unless the fundamentals of the business have deteriorated.

-Locking in a quick gain to avoid a potential loss, seems reasonable. But you’ll always miss out on the big gains that would more than make up for the occasional loss.

-If you want to achieve above average results in investing, don’t take investment advice from people who aren’t getting above average results. Most of the talking heads in the financial media aren’t getting above average returns. They sound confident, but the vast majority don’t have the results to back it up.

-Ultimately, you have to do what you’re comfortable with as an investor. If you’re not comfortable with something, don’t do it. Your default setting should be inaction. Any action you take should be obvious—it should “hit you over the head,” to quote Charlie Munger. Or as Warren Buffett once said, “if it’s at all close, we pass.”

-Be patient with your cash. Wait for great investment opportunities. Wait for the obvious choices.

-Patience on the way down and patience on the way up. Whether the market is going down or up, don’t be quick to sell.

-It’s better to bet on civilization continuing to thrive than to bet against it. Predicting the end of civilization, or even the beginning of the end, is impossible. Don’t load up on gold and bullets—buy good businesses (good stocks).

-What’s popular isn’t necessarily the best. What’s best isn’t always popular. There are pockets of hidden value.

-You can’t make the stock market go up faster by trading more frequently. Increased trading occurs because of impatience, not because of increased insight.