Things I learned today #1-3

Thing #1

These are four things an investor ought to understand:

1. Know what you know
2. Know what you don't know
3. Know what you don't have to know
4. Realize there is always a possibility that you don't know that you don't know 

Thing #2

Charlie Munger says there are three reactions to new investment ideas:

1. Yes
2. No
3. Too Hard

...and he sticks to them.  Not to say one cannot be curious, but I refer you back to Thing #1.

Thing #3

From Uncle Warren: Understanding investing makes you a better businessperson and understanding business makes you a better investor.