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
Contrarianism is overrated. True contrarians never try to be contrarian. They merely try to be congruent and, only as a side effect, appear contrarian to the dissonant mob.
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.
The larger the island of knowledge, the longer the shoreline of wonder….the more you learn, the more it expands the surface area of your ignorance.
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
The difference between a good business and a bad business is that good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time.
– Charlie Munger
Whatever you do tonight and tomorrow and for the rest of your lives – do it like the world may lock down again.
Yes, some people are brighter than others but I really believe that most people can really get to quite a good level in mathematics if they’re prepared to deal with these psychological issues of how to handle the situation of being stuck.
– Andrew Wiles, British mathematician
Teachers should prepare the student for the student’s future, not for the teacher’s past.