Our Philosophy

Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have—or don’t have—in their portfolio.

Nassim Taleb

2019-01-02T17:27:36+00:00

Nassim Taleb

The problem with the world is that fools are always so certain of themselves, but wiser people so full of doubts.

Bertrand Russell

2019-01-02T16:10:27+00:00

Bertrand Russell

It’s not that we have a short time to live, but that we waste a lot of it.

Lucius Annaeus Seneca

2019-01-02T16:29:08+00:00

Lucius Annaeus Seneca

It is easy in the world to live after the world’s opinion; it is easy in solitude to live after our own; but the great man is he who in the midst of the crowd keeps with perfect sweetness the independence of solitude.

Ralph Waldo Emerson

2019-01-02T16:01:21+00:00

Ralph Waldo Emerson

Time is the friend of the wonderful business, the enemy of the mediocre.

Warren Buffett

2019-01-02T16:09:49+00:00

Warren Buffett

All good investing is value investing by definition.

Charlie Munger

2019-01-02T16:27:54+00:00

Charlie Munger

If you see fraud and do not say fraud, you are a fraud.

Nassim Taleb

2019-01-02T16:33:59+00:00

Nassim Taleb

Ignorance more frequently begets confidence than does knowledge.

Charles Darwin

2019-01-02T16:29:35+00:00

Charles Darwin

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

Benjamin Graham

2019-01-02T15:57:29+00:00

Benjamin Graham

The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.

Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.

Warren Buffett

2019-01-02T16:12:19+00:00

Warren Buffett

Obvious decisions require no more than a single reason.

Nassim Taleb

2019-01-02T16:59:37+00:00

Nassim Taleb

An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.

Benjamin Graham

2019-01-02T16:07:28+00:00

Benjamin Graham

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.

Benjamin Graham

2019-01-02T15:54:52+00:00

Benjamin Graham

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.

Experience is what you got when you didn’t get what you wanted.

Howard Marks

2019-01-02T16:25:51+00:00

Howard Marks

What is not intelligible to me is not necessarily unintelligent.

Friedrich Nietzsche

2019-01-02T16:57:11+00:00

Friedrich Nietzsche

It is better to be approximately right than precisely wrong.

Warren Buffett

2019-01-02T16:04:05+00:00

Warren Buffett

It might be easier to go through life as the echo–but only until the other guy plays a wrong note.

Warren Buffett

2019-01-02T16:11:47+00:00

Warren Buffett

To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment.

Ralph Waldo Emerson

2019-01-02T16:28:32+00:00

Ralph Waldo Emerson

In science you need to understand the world. In business you need others to misunderstand it.

Nassim Taleb

2019-01-02T16:13:22+00:00

Nassim Taleb

Beliefs are hypotheses to be tested, not treasures to be guarded.

Philip Tetlock

2019-01-02T16:11:09+00:00

Philip Tetlock

Stick with big, “easy” decisions and eschew activity.

Warren Buffett

2019-01-02T16:27:18+00:00

Warren Buffett

Mr. Market’s job is to provide you with prices; your job is to decide whether it is to your advantage to act on them. You do not have to trade with him just because he constantly begs you to.

Benjamin Graham

2019-01-02T16:04:44+00:00

Benjamin Graham

If 1,000 managers make a market prediction at the beginning of a year, it’s very likely that the calls of at least one will be correct for nine consecutive years. Of course, 1,000 monkeys would be just as likely to produce a seemingly all-wise prophet. But there would remain a difference: The lucky monkey would not find people standing in line to invest with him.

Warren Buffett

2019-01-02T16:26:40+00:00

Warren Buffett

Only the disciplined ones in life are free. If you are undisciplined, you are a slave to your moods and your passions.

Eliud Kipchoge

2019-01-02T16:08:05+00:00

Eliud Kipchoge