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The riskiest part of the spectrum has to date proved to be the most rewarding, and the greatest capital gains have been earned in companies which were started from scratch.

– Georges Doriot

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right. Similarly, in the world of securities, courage becomes the supreme virtue after adequate knowledge and a tested judgment are at hand.

– Benjamin Graham

When an industry is disrupted, people get the unit economics wrong. And the winners are the ones who correctly identify the new unit of value first.

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To be a successful investor, you have to have a philosophy and process you believe in and can stick to, even under pressure. Since no approach will allow you to profit from all types of opportunities or in all environments, you have to be willing to not participate in everything that goes up, only the things that fit your approach. To be a disciplined investor, you have to be able to stand by and watch as other people make money in things you passed on.

– Howard Marks

I learn while I think when I write it out. Some of the things I think I think, I find don’t make any sense when I start tying to write them down and explain them to people. You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more.

– Warren Buffett

We must recognize, however, that intrinsic value is an elusive concept. In general terms it is understood to be that value which is justified by the facts, e.g. the assets, earnings, dividends, definite prospects, as distinct, let us say, from market quotations established by artificial manipulation or distorted by psychological excesses. But it is a great mistake to imagine that intrinsic value is as definite and as determinable as is the market price.

– Benjamin Graham, Security Analysis

It will be necessary to resist the tendency to render easy that which cannot become easy without being distorted.

– Antonio Gramsci

Only when nobody knows anything does a creative industry bet on its creators. Golden ages come to an end when everybody knows something.

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It is easy to confuse the capability to make precise forecasts with the ability to make accurate ones.

– Seth Klarman