Page 84 - Morgan Housel - The Psychology of Money_ Timeless Lessons on Wealth, Greed, and Happiness-Harriman House Limited (2020)

At the Berkshire Hathaway shareholder meeting in 2013 Warren Buffett said
he’s owned 400 to 500 stocks during his life and made most of his money on
COBACOBA
10 of them. Charlie Munger followed up: “If you remove just a few of
Berkshire’s top investments, its long-term track record is pretty average.”

When we pay special attention to a role model’s successes we overlook that

their gains came from a small percent of their actions. That makes our own
failures, losses, and setbacks feel like we’re doing something wrong. But it’s
possible we are wrong, or just sort of right, just as often as the masters are.
They may have been more right when they were right, but they could have
been wrong just as often as you.

“It’s not whether you’re right or wrong that’s important,” George Soros once
said, “but how much money you make when you’re right and how much you
lose when you’re wrong.” You can be wrong half the time and still make a
fortune.

There are 100 billion planets in our galaxy and only one, as far as we know,
with intelligent life.

The fact that you are reading this book is the result of the longest tail you

can imagine.

That’s something to be happy about. Next, let’s look at how money can
make you even happier.