The moment you know the truth and you don't say it, you've broken something inside yourself. And I think the accumulation of that over time is what leads to people who are fundamentally not effective leaders, because they've taught themselves to look away from hard things.

Kareem Amin — Invest Like the Best with Patrick O'Shaughnessy

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The key insight is that permanent capital changes your relationship with time. You're not managing to a fund life; you're managing to the life of the business. That means you can make decisions that are bad for the next quarter, bad for the next year, but right for the next decade.

Vlad Barbalat — Invest Like the Best with Patrick O'Shaughnessy

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The rule of thirds is that when you're chasing a dream or doing anything hard, you're supposed to feel good a third of the time, OK a third of the time and crappy a third of the time. If you're within this ratio, then the bad days aren't bad. They just mean you're chasing a dream.

TED

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