This is the short of the book:

  • If you do not know history, you cannot know the present or the future.
  • Risk is something which you do not see coming.
  • If you want to be happy, you should start with low expectations.
  • One person can be brilliant in one thing and terrible in another.
  • People always crave certainty, no matter how false it may be.
  • Stories are more powerful than any reason or data.
  • There are always events happening in the world which are of low probability.
  • In uncertain times, stress can be channeled in positive ways.
  • Progress takes time while catastrophes occur suddenly.
  • Always leave room for error in whatever you do.
  • Compounding can turn tiny into huge, over the long run.
  • Anything worthwhile takes time to grow and pain is inevitable.
  • Most of the things in this world are driven by incentives.
  • The experience you had is more convincing than anything else.
  • The best financial plan is to save like a pessimist and invest like an optimist.