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Reputation is what people expect us to do next.

– Seth Godin

Short–term underperformance doesn’t trouble us; indeed, because it is the price that must sometimes be paid for longer-term outperformance.

– Seth Klarman

Liquidity can be transient and paradoxical. It’s plentiful when you don’t care about it and scarce when you need it most. Given the way it waxes and wanes, it’s dangerous to assume the liquidity that’s available in good times will be there when the tide goes out.

– Howard Marks

The way to get rich is to keep $10 million in your checking account in case a good deal comes along.

– Charlie Munger

This country belongs to all of us. We made this country from nothing, from mud-flats… Over 100 years ago, this was a mud-flat, swamp. Today, this is a modern city. Ten years from now, this will be a metropolis. Never fear!

– Lee Kuan Yew, September 1965

In 1965, I could not, and nobody could, imagine the developments in the world. So, I would say every chance, every tide, every wind, every surf that came our way, we tried to ride on it. And that’s how we got here.

– Lee Kuan Yew

Every time an expert laughs, a cash register rings.

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Non-consensus ideas have to be lonely. By definition, non-consensus ideas that are popular, widely held or intuitively obvious are an oxymoron. Thus such ideas are uncomfortable; non-conformists don’t enjoy the warmth that comes with being at the center of the herd. Further, unconventional ideas often appear imprudent. The popular definition of “prudent” – especially in the investment world – is often twisted into “what everyone does”.

– Howard Marks