In the last 10yrs, $1 invested in bonds—including interest— is down to $0.80 after inflation! This is a worse result than the S&P 500 during lost decade or the 1930s Having 70%+ of a retirement portfolio in bonds has been one of the greatest wealth destroying moves in history, all because one confuses volatility (as opposed to purchasing power loss) with risk.

Warren Buffett: “There’s always going to be some news, good or bad, every day. In fact, if you go back and read all the papers for the last 50 years, probably most of the headlines tend to be bad. But if you look at what happens to the economy, most of the things that happen are extremely good.”

Warren Buffett: “I like to deal with people where I feel a 1-page contract will do the job. If I have to have 50 pages in there to protect me against the guy I’m dealing with, I’ll always wonder whether I needed 51.”

Today is Tim Cook's last day as CEO at Apple. I first met Tim in 2014 and I've been fortunate to call him a mentor and friend ever since. I want to share something about him that I've found remarkable. He's the best example I've seen of an old Zen saying: "What do you do before enlightenment? Chop wood, carry water. What do you do after enlightenment? Chop wood, carry water." When we met, I was just starting my career in finance. I was getting to the gym at 4:45am so I could get to the office by 6:30. Tim happened to be one of a tiny group of others who showed up every morning at that early hour. For the first six months, I had no idea who he was. I wasn't in tech and, having played college sports, I was frankly quite oblivious to the entire business world. I remember being shocked after someone told me that the guy I was talking to in the mornings was the CEO of Apple. For two reasons: 1. He had zero pretension about him. I never would have known how important or powerful he was. 2. He was already successful. Why the hell was he waking up at 4am to go to the gym? Now, to be fair, in 2014, there were still questions about whether he was going to be an impactful successor to the legend that was Steve Jobs. A lot of people weren't sure he would be able to fill those enormous shoes. But a few years later, he was still there. He had created a trillion dollars of value. People were calling him one of the best CEOs in the world. And he was still showing up at 4:45am. Still doing the same thing. Chop wood, carry water. As you start to experience success, notoriety, and achievement, it’s easy to lose sight of the work that got you those things in the first place. It’s easy to get distracted by results. By recognition. By the illusion that success somehow exempts you from the basics. It doesn’t. The outcomes may change. The titles may change. The scale may change. But the work doesn’t. Chopping wood and carrying water means showing up when no one is watching. Doing the boring work well. Being reliable. Executing consistently. Returning to fundamentals even when you think you’re above them. Especially then. Tim has been an example of that in my life. I'm grateful for having been able to see it up close. And I also know that whatever he does next, the same thing will apply. Chop wood, carry water.

“Until you can manage your emotions, don't expect to manage money.” — Warren Buffett

If you're going to be wildly successful, you have to be wildly unusual. Your life won't resemble the lives of the people around you. You can learn a lot from Outliers, but you can't copy them. Warren Buffett studied at the feet of Ben Graham, but rarely copied him. He did his own things with his own rules. The style of your success has to fit who you are.

'Prices fluctuate more than values — so therein lies opportunity.' Joel Greenblatt

The 3 secrets to getting ahead: 1. Getting started because most people don’t. 2. Keep showing up because most people are lazy. 3. Always look to improve because most people are crave comfort.