The big money is not in the buying and selling…but in the waiting.

– Jesse Livermore

Piracy is not the enemy of the artist – obscurity is.

Spectacular success doesn’t lead to deep introspection, which in turn leads to wrong conclusions. You see this all the time, right? Successful companies draw conclusions about how smart and good they are, and then a significant number of them fall off the cliff because they drew the wrong conclusions.

– Ed Catmull

My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.

– Warren Buffett

It is important to remember that value investing is not a perfect science. Rather it is an art, and necessitates dealing with imperfect information. Knowing you will never know everything must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt, keeping in mind the possibility that you could be wrong.

– Seth Klarman

We encourage our people to deal with problems without flinching. At its best, the method means that people deal with each other very bluntly.

– Andy Grove

If existing management want to keep their jobs when the basics of the business are undergoing profound change, they must adopt an outsider’s intellectual objectivity. They must do what they need to do to get through the strategic inflection point unfettered by any emotional attachment to the past.

– Andy Grove

Memory is what is left when something happens and does not completely unhappen.

– Edward de Bono

Every exit is an entry somewhere else.

– Tom Stoppard