Quotes

"Cash is a bad investment over time. But you always want to have enough so that nobody else can determine your future essentially."- Buffett

“A director who gets $150,000 per year from a company and needs the money is not independent.”- Charlie Munger

 

“Investing requires qualities of temperament way more than it requires qualities of intellect.” – Warren Buffett

 

“Once you get into debt, it’s hell to get out. Don’t let credit card debt carry over. You can’t get ahead paying 18%.”- Charlie Munger

“Those who will not face improvements because they are changes, will face changes that are not improvements.”- Charlie Munger

 “There is no amount of bad news that the markets cannot see past.”- Seth Klarman

“The big money is not in the buying and selling ... but in the waiting.”- Charlie Munger

 

“Frequent comparative ranking can only reinforce a short-term investment perspective.”- Seth Klarman

  

 

“One of an investor’s biggest mistakes is to focus on a stock price instead of its value.”- Warren Buffett

 ”Over time, markets will do extraordinary, even bizarre, things. A single, big mistake could wipe out a long string of successes.”-Buffett

 

"Men destroy each other during war, themselves during peacetime."- Nassim Taleb

 

"There isn’t any secret. I avoid bad luck by being patient."-Jay Gould

 

"It isn’t so much having a lot of brilliant decisions, it’s just not having some terrible ones.”- Warren Buffett

 

Charlie Munger: "Knowing what you don't know is more important than being brilliant."

 

30% of investments don't work out as hoped. No one's valuation work is v. good. That's why you need diversification and a margin of safety.