I once read somewhere that the hardest part was making the first million, because after that the other millions would come more smoothly. I don't know what I'm doing wrong for that not to happen to me, but I still have to fight for every cent the same way.

I wanted to learn from Buffett while he was still building his blocks of millions. I wanted to learn from Ray Dalio while he was still running a tiny fund out of a small room in his apartment.

Analyzing a chart after it's finished doesn't give you the exact understanding of how it was built.

The investment decisions that Munger and Buffett made early in their careers are probably far more informative and relevant to the individual investor than their decisions made after the billions rolled in.

Munger was born in Omaha, graduated from Harvard Law, and lost almost everything when he got divorced. In his early thirties, he met Franklin Otis Booth Jr. and in a 50/50 real estate partnership, earned a 400% return on $200,000.

Munger said he built a fortune of $1.4 million through that real estate activity. After doing well, Munger switched industries, dedicating himself to an investment firm that was eventually closed after large and successive financial losses between 1973 and 1974.

Don't believe in the Fantastic World of Buy-and-Hold created by the financial community.

We need to seek out information from when the painting was just a smear and there was paint splattered everywhere.

João Homem