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I'll tell you something about human nature: people always think the current situation is permanent. But I've lived long enough to know that everything cycles. What seems impossible today becomes inevitable tomorrow. That's how the world works.

I have a simple observation about market cycles: when everyone thinks they're a genius investor, disaster is coming. The same people who mock conservative investing today will be begging for safety tomorrow. That's just how human nature works.

I have a simple observation about market cycles: people always think this time is different. But I've lived long enough to see that human nature never changes. The same patterns repeat, just with different players and different numbers.

The fundamental principle of good investing is quite simple: you want to find situations where you're getting more than you're paying for. It's just like playing poker - the game hasn't changed, but you need to know which table to sit at and when to play your hands.

The biggest mistake people make in investing is trying to get rich quickly. The sensible approach is to find good businesses, buy them at reasonable prices, and hold them for a very long time. That's how real wealth is built.

Let me tell you something that most people don't want to hear. I've watched countless intelligent people lose everything because they thought they were too smart to follow basic financial principles. The math is simple, but the discipline is hard.

A reporter once asked why Warren buffett was richer than I was. To wish I answered, warren got an early start, he works pretty hard and Maybe, there aren't a lot of reason else. And then, I asked the reporter, why is Albert Einstein less richer than I am?

Well, you see, the trouble with most people is they want instant success without putting in the work. But good results come from consistent effort over time, and of course, you've got to be willing to learn from your mistakes. That's just how it works.