All investment evaluations should begin by measuring risk, especially reputational.
“Only in fairy tales are emperors told they are naked."
“The only way to win is to work, work, work, work, and hope to have a few insights."
Acknowledging what you don’t know is the dawning of wisdom.
Use of the scientific method and effective checklists minimizes errors and omissions.
Proper allocation of capital is an investor’s number one job.
Resist the natural human bias to act.
When proper circumstances present themselves, act with decisiveness and conviction.
Live with change and accept unremovable complexity.
Keep things simple and remember what you set out to do.