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Time is the friend of the wonderful business, the enemy of the mediocre.
An investment operation is one which, upon thorough analysis promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.
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.
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
The function of the margin of safety is, in essence, that of rendering unnecessary an accurate estimate of the future.
You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.
You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.