WARREN BUFFET

• Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s

a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying.

Difficult decisions are mostly about weighing the long and short term values. Making objective decisions is difficult because we are biased towards short-term rewards and pre-existing beliefs.

Optimism and pessimism go hand in hand. In finance, we are told to save like a pessimist and invest like an optimist. The short term is full of setbacks, problems, breakages, depressions, pandemics, errors, but if you can stick around long enough, you can experience long-term growth.