Table of Contents

Preface ix

CHAPTER 1 There Are No Iron-Clad Laws 1
Benjamin Graham

CHAPTER 2 Manage Your Risk 13
Jesse Livermore

CHAPTER 3 Don’t Get Attached 25
Mark Twain

CHAPTER 4 Genius’s Limits 35
John Meriwether

CHAPTER 5 Find What Works for You 45
Jack Bogle

CHAPTER 6 Stay in Your Lane 55
Michael Steinhardt

CHAPTER 7 You’re Not as Smart as YouThink 65
Jerry Tsai

CHAPTER 8 Beware of Overconfidence 73
Warren Buffett

CHAPTER 9 Get Off Your Soapbox 85
Bill Ackman

CHAPTER 10 Hard Lessons Can Be Necessary 97
Stanley Druckenmiller

CHAPTER 11 The Risks of Concentrated Investing 107
Sequoia

CHAPTER 12 The Most Addictive Game 117
John Maynard Keynes

CHAPTER 13 You Only Need to Win Once 129
John Paulson

CHAPTER 14 Handling Big Losses 137
Charlie Munger

CHAPTER 15 Dealing with Regret 145
Chris Sacca

CHAPTER 16 Looking in the Mirror 155
Michael Batnick

About the Author 165

Index 167

About the Author

MICHAEL BATNICK is the director of Research at Ritholtz Wealth Management. He develops and implements risk management and portfolio strategies for clients and leads internal research efforts. He educates people on investing at The Irrelevant Investor blog and co-produces the weekly podcast, Animal Spirits.