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I Have A Bad Rote Memory, But I Tend To Learn Through My Experiences. And Then When I Went Into The Markets, And Then Starting My Business As An Entrepreneur, That Affected My Thinking A Lot, Too, Because In Order To Be Successful As Both An Investor And An Entrepreneur, One Has To Be An Independent Thinker And Bet Against The Consensus And Be Right. Because The Consensus Is Built Into The Price, And If You're Not An Independent Thinker In The Markets You Won't Succeed. And If You're Not An Independent Thinker As An Entrepreneur Starting Out, You're Not Going To Bring Anything Special.

The Most Important Thing You Can Have Is A Good Strategic Asset Allocation Mix. So, What The Investor Needs To Do Is Have A Balanced, Structured Portfolio – A Portfolio That Does Well In Different Environments…. We Don't Know That We're Going To Win. We Have To Have Diversified Bets.

Over Time, It Also Became Important For Me To Share My Management Principles With The People I Worked With Because We Had To Agree On How We Should Be With Each Other - And That Way Is Unique. Because The Logic Behind Being Radically Honest And Radically Transparent With Each Other Wasn't Clear, It Had To Be Spelled Out In These Principles.

You Have To Put Yourself In My Shoes As A Person Who Believes In Radical Truth And In Being Radically Transparent, Not In Seeing Things Through Somebody Else's Eyes.

You Should Have A Strategic Asset Allocation Mix That Assumes That You Don't Know What The Future Is Going To Hold.