BUY INDEX FUNDS

“I bought these shares in 1973, and now they're worth $10 million. And I was like, I didn't really do anything. It's just like classic bottom draw stuff. Some of them didn't work out. Some of them worked out incredibly well. And on average, I've just made out like an absolute bandit because I just let compounding do its thing.”

“There's so many ifs, ands or buts that are in all of that. It's diabolically difficult to predict because you're predicting two things. You're predicting the outcome that even the company itself doesn't know. They've invested a lot of money and time and effort to create a product that they hope consumers will like and will buy a lot of, but they don't know.”

“Will Samsung's next product release be very successful and put the share price up? No clue. I wouldn't have the foggiest. But just the old Buffett quote, don't look for six-foot bars to jump over, look for one-foot bars to step over. And if you can keep that as your North Star, I think you will be very well-served.”

“If you're not making any mistakes, you're not taking enough risk. But just continue on the path. So when you do have the failure and you do have the embarrassing blow up—and I'm not saying you might, I'm saying you will—and the people who are never going to make it are the people who go in with unrealistic expectations and give up at the first sign of failure.”

“At the moment, I'm investing in iShares S&P 500 ETF and Apple. Leo, you're a gem, mate. Well done and good start. The iShares ETF will look after you beautifully. Hopefully, Apple will as well. And a really good question.”