Even if you took away all of Warren Buffett's money tomorrow, investors would come out of the woodwork and hand him $100 billion because they know his judgment is so good. Demonstrated judgment, with high accountability and a clear track record, is what attracts infinite leverage.

The first part of your career is spent hustling to get leverage. Once you have it, you want to slow down — you've gone from steering a sailboat to steering an ocean liner. The payload is higher, so judgment matters far more than effort.

Intellect without experience is often worse than useless: you get the confidence and credibility without the skin in the game, so you're just throwing darts. The real world is always far more complex than we can intellectualize.

It's not about putting 10,000 hours into something — it's about taking 10,000 tries at something. Quick iteration with emotions kept out of it is how you build real judgment.

The people with the best judgment are among the least emotional. The archetype of the passionate entrepreneur is misleading — emotions are what prevent you from seeing what's actually happening, until reality becomes too sudden to resist and forces you into suffering.

Investment books are the worst place to learn about investing. The top investors sound like philosophers because investing is multi-variate, on the cutting-edge, with advantages constantly competed away — what you need is very broad-based judgment, which comes from studying everything, especially philosophy.

The more outraged somebody is, the worse their judgment. If someone is constantly tweeting political outrage and picking fights, you don't want to hand them the keys to your car, let alone the keys to your company.

Wisdom is knowing the long-term consequences of your actions. Judgment is wisdom applied to external problems — and then making the right decision to capitalize on it.