1. “If you’re smart, you don’t need a lot of money. And if you’re dumb, no amount of money is going to help you.”

If you’re smart you will understand the power of compounding interest. You will know the difference between a company that has a durable competitive advantage and one that doesn’t. And you will know how to value a company to determine if it is overpriced or underpriced. With that knowledge, you can take even a small sum of money and grow it exponentially to be worth millions of dollars. But if you’re dumb, even if you start with millions, eventually you are going to lose it all.