Friday, March 03, 2006

Great quotes

"Condoms aren't completely safe. A friend of mine was wearing one and got hit by a bus." Bob Rubin

"It is not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it - who look and sift the world for a mispriced bet - that they can occasionally find one. And the wise ones bet heavily when the world offers them that opportunity. They bet big when they have odds. And the rest of the time, they don't. It's just that simple." - Charlie Munger

"It's better to be approximately right than to be precisely wrong."

"What we learn from history, is that we don't learn from history."

"Fear is a foe of the faddist, but the friend of the fundamentalist." - Warren Buffett

"There is one thing about which I am certain, and this is that there is very little about which one can be certain." - Somerset Maugham

"A committee is a group of people who keep minutes and waste hours." - Mark Mobius

"The stockmarket is a semi-psychotic creature given to extremes of elation and despair." - Warren Buffett

"The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance." - Charlie Munger

"Opportunity comes often. It knocks as often as you have a trained ear to hear it, an eye trained to see it, a hand trained to grasp it, and a head trained to use it."

"In the short-run, the market is a voting machine but in the long run, the market is a weighing machine." - Ben Graham

"We do not have an opinion about where the stock market, interest rates, or business activity will be a year from now. We've long felt that the only value of stock forecasts is to make fortune tellers look good. We believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children." - Warren Buffett

Bladder theory of corporate finance: "The more cash that builds up in the treasury, the greater the pressure to piss it away."

"The smarter side to take in a bidding war is often the losing side." - Warren Buffett

"The most dangerous words in the investment business are, "this time it's different."" - John Templeton

"If something can't go on forever, it will end." - Herb Stein

"You can fool most investors some of the time and some investors all of the time. But you can't fool most investors indefinitely." - Carol Loomis

"We have two classes of forecasters: Those who don't know - and those who don't know they don't know." - J.K.Galbraith

"This is a world inhabited not by people who have to be persuaded to believe but by people who want an excuse to believe." - J.K.Galbraith.

"You pay a very high price in the stock market for a cheery consensus." - Warren Buffett

"A fool and his money are soon invited everywhere." - Warren Buffett

"It's difficult for an empty sack to stand upright." - Ben Franklin

"Don't ask the barber whether you need a haircut." - Warren Buffett

"No matter how great the talent or effort, some things just take time: you can't produce a baby in one month by getting nine woman pregnant." - Warren Buffett

"One of the many unique and advantageous aspects of value investing is that the larger the discount from intrinsic value, the greater the margin of safety and the greater potential return when the stock price moves back to intrinsic value. Contrary to the view of modern portfolio theorists that increased returns can only be achieved by taking greater levels of risk, value investing is predicated on the notion that increased returns are associated with a greater margin of safety, i.e. lower risk." - The Partners of Tweedy Browne.

"Money is a good servant and a poor master."

"Chains of habit are too light to be felt until they are too heavy to be broken." - Warren Buffett

"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." - Warren Buffett

"If past history was all there was to the game, the richest people would be librarians."

"Rule No.1: Never lose money. Rule No.2: Never forget rule No.1."

"Someone's sitting in the shade today because someone planted a tree a long time ago."

"Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway."

"Risk comes from not knowing what you're doing."

"Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it."

"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."

"The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell."

"If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks."


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