Dr. Michael Burry gave this commencement speech recently to the economics graduates at UCLA. Two things stand out – his insistence on asking questions and on questioning assumptions in order to arrive at the truth, and his advice to, as much as possible, take short term risks in order to enjoy long benefits while avoiding situations that demand that you take on long term risks in order to enjoy short term benefits.
http://www.youtube.com/watch?v=1CLhqjOzoyE&feature=player_embedded
