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Assets, Earnings Power and Growth

A further advantage of the value investor’s approach-first the assets, then the current earnings power, and finally and rarely the value of the potential growth-is that it gives the most authority to the elements of valuation that are most credible.

Value Investing: From Graham To Buffett And Beyond

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Competition And Impact

It has always appalled me that really bright scientists almost all work in the most competitive fields, the ones in which they are making the least difference. In other words, if they were hit by a truck, the same discovery would be made by somebody else about 10 minutes later.

– Aubrey de Grey

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When The Dust Has Settled

The one thing I am sure of is that by the time the knife has stopped falling, the dust has settled and the uncertainly has been resolved, there will be no great bargains left. When buying something has become comfortable again, its price will no longer be so low that it’s a great bargain. And the high volumes that accompany a sharp sell-off will also likely be over. Not only will prices be on the rebound, but buying a sizeable position will be much harder.

– Howard Marks