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The key to making great investments is to assume that the past is wrong, and to do something that’s not part of the past, to do something entirely differently.

– Don Valentine

Where men heretofore laboured twelve hours they would now labour six, and this is national wealth, this is national prosperity… Wealth is liberty– liberty to seek recreation–liberty to enjoy life–liberty to improve the mind: it is disposable time, and nothing more.

– Link

I tell my kids, what is the difference between a hero and a coward? What is the difference between being yellow and being brave? No difference. Only what you do. They both feel the same. They both fear dying and getting hurt. The man who is yellow refuses to face up to what he’s got to face. The hero is more disciplined and he fights those feelings off and he does what he has to do. But they both feel the same, the hero and the coward. People who watch you judge you on what you do, not how you feel.

– Cus D’amato

It’s the best possible time to be alive, when almost everything you thought you knew is wrong.

– Tom Stoppard, Arcadia

The things that everybody feels good about are likely to be the things that are high priced and the things that everybody feels bad about are likely to be low priced, so if you could find a stock that nobody thinks this company could ever have a good day, maybe there’s a chance that it could produce some favourable surprises and make you a lot of money.

We make money from favourable surprises, and if the positive conviction is so high, then by definition there can never be a favourable surprise.

– Howard Marks

When art critics get together they talk about form and structure and meaning. When artists get together they talk about where you can buy cheap turpentine.

– Pablo Picasso