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"40 percent of the Russell 300 stock components lost 70% of their value and never recovered. Effectively all of the index's overall returns came from 7% of component companies. That's the kind of thing u'd expect from venture capital. But it's what happened inside a boring index"

"the decisions that you make today or tomorrow or next week will not matter nearly as much as what you do during the small number of days - likely 1% of the time or less - when everyone else around you is going crazy."

"having a strong sense of controlling one's life is more dependable predictor of positive feelings of wellbeing than any of the objective conditions of life we have considered." (FYI being BOSS often means LESS control b/c ppl r difficult)

"and I wanted to work hard. But doing something you love on a schedule you can't control can feel the same as doing something you hate." "Psychologists call it reactance."

"Part of what's happened [in the US] is that we've used our greater wealth to buy bigger and better stuff. But we've simultaneously given up control over our time."

"but they did know I did not care about them, or even notice them? Did they know I was only gawking at the car, and imagining myself in the driver's seat?" (luxury goods are about PAYING to be walking billboards)

"When most people say they want to be a millionaire, what they actually mean is "I'd like to spend a million dollars." and that is literally the opposite of being a millionaire."

"one of the most powerful ways to increase your savings isn't to raise your income. It's to raise your humility." "ppl w/ enduring personal finance success tend to have a propensity to not give a damn what others think of them."

(not the interesting "not give a damn" interplay with "humility" above. arrogance is mostly about entitlement, to NOT have but think you SHOULD have.)

"savings w/o a spending goal gives u options and flexibility, the ability to wait and the opportunity to pounce. It gives you time to think. It's lets you change course on your own terms." POUNCE POUNCE POUNCE POUNCE POUNCE!

"every bit of savings is like taking a point in the future that would have been owned by someone else, and giving it back to yourself."

"when you don't have control over your time, you're forced to accept whatever bad luck is thrown your way." "savings in the bank w/ 0% interest might actually generate an extraordinary return."

"intelligence is not a reliable advantage in a world that's become as interconnected as ours has. but flexibility is." "having more control over your time and options is becoming one of the most valuable currencies in the world."

"history is mostly the study of surprising events. but it is often used by investors and economists as an unassailable guide to the future." "experience leads to overconfidence more than forecasting ability."

"That's the correct lesson to learn from surprises: that the world is surprising."

"there is never a moment where you're so right that you can bet every chip in front of you. the world isn't that kind to anyone - not consistently, anyways."

"can u survive your assets declining by 30%? on a spreadsheet, maybe yes. It is easy to underestimate what a 30% decline does to your psyche. Your confidence may become shot at the very moment opportunity is at its highest."

"The Germans had the most sophisticated equipment in the world. Yet there were defeated by mice." (they chewed away at the electrical systems in the fancy tanks b/c they turned all the hoomans into dogs so there were no cats)

"the biggest single point of failure with money is a sole reliance on a paycheck to fund short-term spending needs, with no savings.." "the most important part of every plan is planning on your plan not going according to plan."

"It's hard to make enduing long-term decisions when your view of what you'll want in the future is likely to shift."

The End of History Illusion: "All of us are walking around w/ an illusion that our personal history has come to an end, that we have just recently become the people that we were always mean to be and will be for the rest of our lives."

"some of the most miserable workers i've met are people who stay loyal to a career only b/c it's the field they picked when deciding on a college major at age 18."

"every job looks easy when you're not the one doing it b/c the challenges faced by someone in the arena are often invisible to those in the crowd." tell me about it. like this "Life" thing. do you KNOW how hard it is to catch a mouse???

"do you know how hard it is to maintain a long-term outlook when stocks are collapsing? successful investing demands a price. but its currency is not dollars and cents, it's FUD and regret." (and FOMO)

"thinking of market volatility as a fee rather than a fine is an important part of developing the kind of mindset that lets you stick around long enough for investing gains to work in your favor."

"when investors have different goals and time horizons, prices that look ridiculous to one person can make sense to another, because the factors those investors pay attention to are different."

"bubbles form when the momentum of short-term returns attracts enough money that the makeup of investors shifts from mostly long term to mostly short-term." (thus breaking price discovery)

"bubbles aren't so much about valuations rising. that's just a symptom of something else: time horizons shrinking as more short-term traders enter the playing field."https://twitter.com/a_yawning_cat/status/1349455340195090432 …

"bubble do their damage when long-term investors playing one game start taking their cues from those short-term traders playing another." (the magnitude of "this time it's REALLY different" energy)

"an anchor of psychology is not realizing that rational people can see the world through a different lens that your own." (rationality doesn't imply homogenization!) (though TBF, some correlation there!)