“The most important quality for an investor is temperament, not...
Kintsugi Investing@kintsugiinvest
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Sep 16, 2025
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“The most important quality for an investor is temperament, not intellect.” - Warren Buffett
Investing isn’t just about making money.
It’s shapes how you think, decide, and live.
Here's 10 timeless lessons from the world’s wisest investors:🧵
Investing isn’t just about making money.
It’s shapes how you think, decide, and live.
Here's 10 timeless lessons from the world’s wisest investors:🧵
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1. Copying greatness is a strategy
Mohnish Pabrai beat the market for over 20 years by copying Buffett.
• Same strategy
• Same structure
• Paid $650,000 for lunch with him
You don’t need to be original. You need to be accurate. Clone what works.
Mohnish Pabrai beat the market for over 20 years by copying Buffett.
• Same strategy
• Same structure
• Paid $650,000 for lunch with him
You don’t need to be original. You need to be accurate. Clone what works.
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2. Most people copy noise
Pabrai saw few fund managers copying Buffett. They followed trends instead.
If you want real edge:
• Read Buffett
• Study annual letters
• Track investors with 20-year records
Copy wisdom, not noise.
Pabrai saw few fund managers copying Buffett. They followed trends instead.
If you want real edge:
• Read Buffett
• Study annual letters
• Track investors with 20-year records
Copy wisdom, not noise.
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3. Invert to avoid ruin
Munger said, “All I want to know is where I’m going to die, so I’ll never go there.”
Great investors focus on avoiding failure.
• Bad bets
• Bad people
• Bad incentives
Subtraction is the first form of wisdom.
Munger said, “All I want to know is where I’m going to die, so I’ll never go there.”
Great investors focus on avoiding failure.
• Bad bets
• Bad people
• Bad incentives
Subtraction is the first form of wisdom.
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4. Subtract bad investments
The best investors filter relentlessly.
They avoid:
• Businesses they can’t explain
• Leadership they don’t trust
• Models they don’t understand
Chisel away the bad. What remains is strong.
The best investors filter relentlessly.
They avoid:
• Businesses they can’t explain
• Leadership they don’t trust
• Models they don’t understand
Chisel away the bad. What remains is strong.
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5. The ultra-long game is undercrowded
Nick Sleep beat the MSCI World Index by 800 percent.
How?
He ignored quarterly noise and focused on 10 to 20 year business outcomes.
Few people can think that long. That is the edge.
Nick Sleep beat the MSCI World Index by 800 percent.
How?
He ignored quarterly noise and focused on 10 to 20 year business outcomes.
Few people can think that long. That is the edge.
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6. Guard your attention like capital
Sleep and Zak put their Bloomberg Terminal in a room with no chair.
They didn’t watch prices. They read reports.
Attention compounds like capital. Waste it, and you lose edge.
Sleep and Zak put their Bloomberg Terminal in a room with no chair.
They didn’t watch prices. They read reports.
Attention compounds like capital. Waste it, and you lose edge.
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7. Prepare instead of predict
No one can time the crash. But you can build to survive it.
How?
• Avoid leverage
• Hold cash
• Stay diversified
• Know your limits
Success is not about being right. It is about staying alive.
No one can time the crash. But you can build to survive it.
How?
• Avoid leverage
• Hold cash
• Stay diversified
• Know your limits
Success is not about being right. It is about staying alive.
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8. Know your limits
Howard Marks avoids pharma and crowded trades. Too complex. Too competitive.
Saying “I don’t know” is an investing edge.
If you don’t have a durable advantage, don’t play the game.
Howard Marks avoids pharma and crowded trades. Too complex. Too competitive.
Saying “I don’t know” is an investing edge.
If you don’t have a durable advantage, don’t play the game.
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9. Stick to what you’ll follow
Joel Greenblatt said, “The best strategy is the one you can stick with.”
Fancy models fail if you abandon them.
• Index funds beat perfect-but-unused strategies
• 80 percent consistency beats 100 percent burnout
Joel Greenblatt said, “The best strategy is the one you can stick with.”
Fancy models fail if you abandon them.
• Index funds beat perfect-but-unused strategies
• 80 percent consistency beats 100 percent burnout
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10. Direction beats perfection
You don’t need the best investment. You need the one that keeps you moving.
Can’t pick stocks? Use an index.
Can’t do Plan A? Go with Plan B.
Compounding happens when you stay in motion.
This thread is adapted from Richer, Wiser, Happier by William Green.
One of the best books ever written about the mindset behind lasting wealth.
You don’t need the best investment. You need the one that keeps you moving.
Can’t pick stocks? Use an index.
Can’t do Plan A? Go with Plan B.
Compounding happens when you stay in motion.
This thread is adapted from Richer, Wiser, Happier by William Green.
One of the best books ever written about the mindset behind lasting wealth.
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• Market insights
• In-depth breakdowns
• Mental models
That help investors learn and sharpen their knowledge on the market.
kintsugiinvesting.substack.com