Those who keep learning, will keep rising in life.
Understanding how to be a good investor makes you a better business manager and vice versa.
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
The game of life is the game of everlasting learning. At least it is if you want to win.
You must value the business in order to value the stock.
Your life must focus on the maximization of objectivity.
We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
We have a high moral responsibility to be rational.
The idea of excessive diversification is madness.
I think the notion that liquidity of tradable common stock is a great contributor to capitalism is mostly twaddle. The liquidity gives us these crazy booms, so it has as many problems as virtues.
The interesting thing is the field is so big – it’s enormous. One thing a modern civilization needs is energy.
Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.
It’s hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they’ll pound each other. I know of no way to predict whether they’ll compete moderately or to the death. If you could figure it out, you could make a lot of money.
We don’t like trading agony for money.
The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600 years. Today is almost as extreme in the opposite way.
Beta and modern portfolio theory and the like – none of it makes any sense to me.
A board member should be perfectly willing to leave at any time and willing to make the tough calls.
People always underestimate the ability of earth to increase its carrying capacity.
Proper accounting is like engineering. You need a margin of safety. Thank God we don’t design bridges and airplanes the way we do accounting.
Invert, always invert.