"We don't have to be smarter than the rest. We have to be more disciplined than the rest." — Warren Buffett One of the biggest misconceptions investors have about investing: They believe intelligence is the top skill. Of course, intelligence can be an invaluable asset. But it needs to be paired with a few others. What's intelligence without: • Humility? • Emotional discipline? • A desire to continually learn? It's largely useless. (And you could argue intelligence without other traits like these actually becomes a liability to your investments.) Something worth keeping in mind. Today & always. P.S. Would you like to be "more disciplined"? The Saturday Shareholder newsletter covers topics like how to stay disciplined, manage emotions, value stocks, & more... Subscribe here → investment-wisdom.beehiiv.co…

Most challenging stocks to value?

“Money won't solve all your problems, but it will solve all your money problems.” — Naval Ravikant

“For some reason people take their cues from price action rather than from values: price is what you pay, value is what you get. Markets are there to be taken advantage of rather than instruct you as to what is going on.” — Warren Buffett

For more: berkshirehathaway.com/letter…

Warren Buffett: “You can earn very high returns with very small amounts of money. It will always be [that way]. I don’t mean that everybody can do it, but if you know something about values and investments, you will find opportunities.”

“There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash—and I don’t want to go back.” — Charlie Munger

“When stocks are attractive, you buy them. Sure, they can go lower—I’ve bought stocks at $12 that went to $2, but then they went to $30.” — Peter Lynch

Warren Buffett explains how his favorite comic strip taught him a timeless investment truth:

"The way to win is to work, work, work, work and hope to have a few insights. You're probably not going to be smart enough to find thousands in a lifetime—when you get a few, you really load up. It's just that simple." — Charlie Munger

“You have to look for a special area of competency and focus on that. ... Go where there’s dumb competition.” — Charlie Munger

"One thing we've learned is, if it's clear that something is a mistake, is to fix it quickly. It doesn't get better while you wait." — Charlie Munger

"Nothing too good or too bad stays that way forever, because great times plant the seeds of their own destruction through complacency and leverage, and bad times plant the seeds of their own turnaround through opportunity and panic-driven problem-solving." — Morgan Housel

"I'm a firefighter with a pension & a Roth IRA who rents...Would $5k be enough for my emergency fund?" In tomorrow's newsletter: why perceived stability can be an illusion + 7 moves to make today to avoid getting blindsided by the unexpected Join here ↓ moneywisdom.co/subscribe

For more: buffett.cnbc.com/video/2007/…

"Mostly, Berkshire has bought common stocks that practically couldn’t fail. But occasionally, Berkshire just makes an intelligent gamble where there’s plenty of chance of failure, but there’s enough chance of success so the gamble is worth taking..." — Charlie Munger

"If a business does well, the stock eventually follows." — Warren Buffett