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The Most Important Thing: Uncommon Sense for the Thoughtful Investor resources

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1 Th ing Is . . . e Most Important Th Second- Level Th inking The art of investment has one characteristic that is not generally appreciated. A creditable, if unspectacular, re- sult can be achieved by the lay investor with a minimum of eff ort and capability; but to improve this easily attain- able standard requires much application and more than a trace of wisdom. BEN GRAHAM, THE INTELLIGENT INVESTOR Everything should be made as simple as possible, but not simpler. ALBERT EINSTEIN It’s not supposed to be easy. Anyone who fi nds it easy is stupid. CHARLIE MUNGER Few people have what it takes to be great investors. Some can be taught, but not everyone . . . and those who can be taught can’t be taught everything. Valid approaches work some of the time but not all. And investing can’t be reduced to an algorithm and turned over to a computer. Even the best investors don’t get it right every time. Th e environment isn’t e reasons are simple. No rule always works. Th controllable, and circumstances rarely repeat exactly. Psychology plays a major role in markets, and because it’s highly variable, cause- and- eff ect relationships aren’t reliable. An investment approach may work for a while,

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