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Ch3 talks about the key features of the 5 asset classes: stocks, bonds, foreign currencies, commodities, collectibles, real estates. Out of those, stocks are the only one that retail investors can afford to participate and maybe gain some edges compared to institutional players.

Don’t use borrowed money or emergency fund to invest, because there is no time to validate your investment thesis. Well said.

The biggest lesson I learned so far from Guy Spier is to cut envy out of my life, which is a priceless lesson everyone should know early on. I was also amused and amazed by his degree of candor.

This book has my name written in it