Education is what people do to you, learning is what you do to yourself.
Mispriced Gamble
You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing.
Certainty and Reliability
A good scientist is never ‘certain’. Lack of certainty is precisely what makes conclusions more reliable than the conclusions of those who are certain: because the good scientist will be ready to shift to a different point of view if better elements of evidence, or novel arguments emerge. Therefore certainty is not only something of no use, but is in fact damaging, if we value reliability.
Assuming Responsibilities
Government does not grow by seizing our freedoms, but by assuming our responsibilities.
– Michael Cloud
Human Nature Demands Forecasting
Even repeated forecasting failure will not deter the unachievable pursuit of prescience, because our nature demands it.
– Alan Greenspan
Thinking In The Moment
Nothing in life matters quite as much as you think it does while you are thinking about it.
Truth Coheres
Forging Character
You cannot dream yourself into a character; you must hammer and forge yourself one.
Circle Of Competence
What an investor needs is the ability to correctly evaluate selected businesses. Note that word “selected”: You don’t have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.