Performance is what happens when events collide with an existing portfolio.

– Howard Marks

The greatest pleasure I’ve had is to try to do something that people said would never be done.

– Ratan Tata

Showing up at a gold rush with a shovel and a pan doesn’t make you a genius.

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The most robust contribution to knowledge consists in removing what we think is wrong—subtractive epistemology.

– Nassim Nicholas Taleb

In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.

– Charlie Munger

Take the birth of the auto industry. At one stage, there were more than 2,000 separate auto manufacturers in the US. Even if you had bought shares in all of them, you would have lost money. It was virtually impossible to know which would fail and which would succeed. However, it was very easy to see who would definitely lose out – horses. The best investment strategy would therefore have been to go short of horses. There were 20 million horses in the US in 1900. Today, there are just 4 million.

– Warren Buffett