My approach is simple: I look for good businesses, run by honest and capable people, available at sensible prices. I'd rather own a piece of a wonderful company at a fair price than a mediocre one at a bargain. And I think about risk the way a business owner would—not as a number on a spreadsheet, but as the real possibility of permanent loss.

This isn't exciting. I don't have a "hot take" on what the market will do next week. But I believe the best way to build wealth over time is to own pieces of excellent businesses and let compounding do its work—patiently, and without unnecessary activity.