Although it's easy to forget sometimes, a share is not a lottery ticket... it's part-ownership of a business.
Confronted with a challenge to distill the secret of sound investment into three words, we venture the motto, Margin of Safety.
The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.
Value investing is at its core the marriage of a contrarian streak and a calculator.
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
In the short run, the market is a voting machine, but in the long run it is a weighing machine.
The stock market is the story of cycles and of the human behavior that is responsible for overreactions in both directions.
As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.
While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.
Happiness is often presented as being very dull but, he thought, lying awake, that is because dull people are sometimes very happy and intelligent people can and do go around making themselves and everyone else miserable. He had never found happiness dull. It always seemed more exciting than any other thing and capable of as great intensity as sorrow to those people who were capable of having it.
Sheep are stupid, and have to be driven. But goats are intelligent, and need to be led.
Where is it written that a smart woman can't also be stacked?
Great minds discuss ideas; average minds discuss events; small minds discuss people.
The number one thing I am earnestly attracted to is intelligence. Writers are thus the pinnacle of intelligence. While actors are great and awesome, writers literally create new worlds from scratch. What is sexier than that? Personally, I don't know why every person out there isn't dating a writer.
The cultivated person's first duty is to be always prepared to rewrite the encyclopedia.
You can tell how smart people are by what they laugh at.
If there are no stupid questions, then what kind of questions do stupid people ask? Do they get smart just in time to ask questions?
I would not be able to retain all the information, all the medical jargon these doctors do. I'm not really intelligent enough is what I'm saying.
Most of us grow up with a sense of "I'm not intelligent enough." It's such a sad thing that in the West we worship a certain kind of left-brain intelligence.
You want a wife who is intelligent, but not too intelligent.
The less intelligent the white man is, the more stupid he thinks the black.
Russia may soon get another chance to move closer to the West, to make a step - I do believe the first step toward democracy was made in the 1990s, and perhaps the next step can happen now. If this happens, the West needs to see it in time and support it in an intelligent way.
Hillary, you're a strong woman, you're an intelligent woman - you're not a good woman. But if you want to do good, let the Black man go, and stop deceiving them, that you are really their "friend." If you were their friend, why did you kill Muammar Gadhafi?
So unless we come together as a people and stop our foolish beefing among each other, sit down like intelligent men and women and settle the things that divide us from each other, then come together like a solid wall and we could make something happen.
Chimps are unbelievably like us - in biological, non-verbal ways. They can be loving and compassionate and yet they have a dark side... 98 per cent of our DNA is the same. The difference is that we have developed language - we can teach about things that aren't there, plan for the future, discuss, share ideas
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