Category: Notes

In the financial markets, there is rarely anything new under the sun, but you can never say you’ve seen it all, and what you thought you would never see can clobber you.

– Seth Klarman

If you don’t follow the pendulum and understand the cycle, then that implies that you always invest as much money as aggressively. That doesn’t make any sense to me. I have been around too long to think that a good investment is always equally good all the time regardless of the climate.

– Howard Marks

The horse to bet on is the one more likely to win than most people expect. That’s the one that gives you the best odds. That’s the bet that pays off over time.

– Steven Crist

The biggest mistake investors make is to believe that what happened in the recent past is likely to persist.

– Howard Marks

However mean your life is, meet it and live it; do not shun it and call it hard names. Love your life, poor as it is.

– Henry David Thoreau

Abstraction, for me, is this idea of getting rid of everything that’s not essential to making a point.

– Christoph Niemann

Investing starts with what you can learn, not what you know. Over and over.

– Nick Grossman

A good scientist is a person with original ideas. A good engineer is a person who makes a design that works with as few original ideas as possible. There are no prima donnas in engineering.

– Freeman Dyson

If you want to get wealthy in the financial markets, you’ll need to engage in hard and systematic work.

– David Abrams