14 Quotes by Tren Griffin

Munger likes to say that a year in which you do not change your mind on some big idea that is important to you is a wasted year.

Buffett has said that if you cannot explain why you failed after you have made a mistake, the business was too complex for you.

Too much competency and no gumption is no good.

Bridge requires a continual effort to assess probabilities in at best marginally knowable situations, and players need to make hundreds of decisions in a single session, often balancing expected gains and losses. But players must also continually make peace with good decisions that lead to bad outcomes, both one’s own decisions and those of a partner. Just this peacemaking skill is required if one is to invest wisely in an unknowable world. – RICHARD ZECKHAUSER, 2006.

If you want to get rich, you’ll need a few decent ideas where you really know what you’re doing. Then you’ve got to have the courage to stick with them and take the ups and downs. Not very complicated, and it’s very old-fashioned.