Monthly archives of “October 2019

comment 0

Wealth Is Disposable Time

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

comment 0

The Difference Between A Hero And A Coward

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

comment 0

Favourable Surprises

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