 Part number three of the Manger series, how to train your mind for investing success. Think forwards and backwards, invert, always invert, when investing always look at what created the current situation and what can happen that can change that going forward. Remember Buffett and Manger are never interested in a turnaround situation. I think part of the popularity of Berkshire Headway is that we look like people who have found a trick. It's not brilliant, it's just avoiding stupidity. And in the current market, I must say there is plenty of stupidity. Manger is therefore pretty straightforward, avoid being stupid and over the long term you'll do very very well. Having a certain kind of temperament is more important than brains. You need to keep raw, irrational emotion under control. Emotions and investing are not a good combination. If you get excited about an investment, you want to buy more, think twice and first learn how to keep your temperament under control, then invest. People are really crazy about minor decrements down. This is very important, talking about loss aversion and behavioral finance. When the stock price starts to drop, people get into panic mode and they start selling. Take advantage of that, but be aware that the selling can go for long long and very sharply down. So you can really wait for bargains. If you want to be the best tennis player in the world, you must start out trying and soon find out that it's hopeless, that other people blow right by you. However, if you want to become the best plumbing contractor in Bemidji, that is probably all right by two thirds of you. And that's very important for investing, you don't have to be more than buffet. If we are better than the two thirds of the other investors, we'll have a hack of a return. There are a lot of things we pass on, we have three baskets in, out and too tough. So when analyzing an investment, if it's good, if it meets your criteria, long-term investing criteria you buy, if not, it's out. If it could be good but too tough to analyze, forget about it, go to something else. There is no way that you can live an adequate life without making mistakes. There will be mistakes, acknowledge them, be ready to go over them, never invest the money that you need in the stock market and you'll do pretty good over time. Manger continues, why not celebrate stupidities? I like people admitting they were complete stupid horses asses. I know I'll perform better if my rub my nose in my mistakes. This is a wonderful trick to learn. Plain, blunt Manger, however, we should all try to live by looking at our mistakes.