A few takeaways:
- There is a big difference between risk and uncertainty.
- When you own a stock you own part of business. Learn to think like an owner.
- Compounding is a powerful force.
- Don’t seek false precision.
- Try to isolate the handful of key variables that drive the business.
- You should be able to state your investment thesis in a few sentences.
- Patience is essential.
- Stay within your circle of competence.