Only the disciplined ones in life are free. If you are undisciplined, you are a slave to your moods and your passions.
Beliefs are hypotheses to be tested, not treasures to be guarded.
Stick with big, “easy” decisions and eschew activity.
Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have—or don’t have—in their portfolio.
In science you need to understand the world. In business you need others to misunderstand it.
You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
2019-01-02T15:54:52+00:00You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
2019-01-02T15:57:29+00:00The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
Obvious decisions require no more than a single reason.
All good investing is value investing by definition.
Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.
It’s not that we have a short time to live, but that we waste a lot of it.
Lucius Annaeus Seneca
Experience is what you got when you didn’t get what you wanted.
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.
To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment.
Ralph Waldo Emerson
The problem with the world is that fools are always so certain of themselves, but wiser people so full of doubts.
If you see fraud and do not say fraud, you are a fraud.
What is not intelligible to me is not necessarily unintelligent.
An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
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
Ignorance more frequently begets confidence than does knowledge.
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.
It is better to be approximately right than precisely wrong.
Time is the friend of the wonderful business, the enemy of the mediocre.
Everything that’s important in investing is counterintuitive and everything that’s obvious is wrong.
Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgement to know when it is time to swing.
It might be easier to go through life as the echo–but only until the other guy plays a wrong note.