Principles.

Six lessons. The Asymmetry of Loss shows why Buffett's first rule is don't lose money: a 50% loss requires a 100% gain. Margin of Safety is the same convex curve flipped — the gap between what something is worth and what you pay, made visible. The Power of Compounding is the third rule, the one that pays you for the first two over thirty years. Mr. Market is the behavioral half: sixty days of an obliging partner’s moods, against an intrinsic value that never moves. Inversion is Munger’s pre-mortem: six failure modes that have killed value investments, and the guard against each. Circle of Competence is the rule that the other five only work inside your circle — and the discipline of knowing exactly where its edge is. Read in order; they were built to be read in order.