8. A prophet is not someone with special visions, just someone blind to most of what others see.

Same as above. You’ll win by default if you simply avoid the mistakes others make. Those who made a fortune betting against housing didn’t have special insider knowledge. They simply didn’t believe that housing prices could go up forever.

9. The best test of whether someone is extremely stupid (or extremely wise) is whether financial and political news makes sense to him. 

One of the biggest disservices the media cranks out are daily market roundups that begin, “Markets fell/rose today on news that …” followed by a random and usually meaningless datapoint. Markets go up. Markets go down. Get over it and stop trying to connect the dots.

10. What they call "risk" I call opportunity; but what they call "low risk" opportunity I call a sucker problem. 

The past three years, explained in one line.