Quotes

1. A wise man’s life is based around FUCK YOU.
The Gambler

2. You know how I stayed alive this long, all these years? Fear. The spectacle of fearsome acts.
Bill the Butcher - Gangs Of New York

3. I knew him as a man. I knew his weakness and his strength. But if you ask me “will we ever see his like again?”, I would say no.
Bjorn Goes Into Battle One Last Time

4. I know I’m great, but in this situation, every head must bow, every tongue must confess, this is the greatest of all time.
Mike Tyson Praises Muhammad Ali on Arsenio Hall Show 1989

5. I don’t want to sit down and have a conversation with someone that says: “You’re in heaven. This is what you should’ve been on Earth.”
David Goggins - NO REGRETS

6. Without commitment, you’ll never start. But without consistency, you’ll never finish.
Denzel Washington

7. When the ending is unknown, and the distance is unknown, that’s when you know who the fuck you are.
David Goggins - When I was in the military

8. If you’re ever having a hard time out there, tape yourself. Listen to the kind of bitch you’re being.
David Goggins - being a bitch

9. But if they get up, and aim their bullets at Tony Fauci […], they’re really criticizing science. Because I represent science.
Anthony Fauci - November 2021

10. Les autres sages vous enseignent la sagesse. Montaigne, lui, vous désenseigne la sottise.
Marie de Gournay - told by André Comte-Sponville

11. Precision beats power, and timing beats speed.
Conor McGregor

12. So much time is spent rationalizing good ideas instead of waiting for great ones.
Ian Casssel

13. There’s no great company that can’t be turned into a bad investment, just by raising the price.
Charlie Munger

14. When you win, be grateful. When you lose, be graceful.
Dustin Poirier

15. The line between success and failure is pretty thin.
Howard Jonas, according to Joe Boskovich

16. It seems like you just picked a stock. But did you really pick it, or did you passively end up with it, because it’s the one that was spread around the most?
Focused Compounding - 2021 Post Mortem

17. I can hear the mouths of termites chewing through our shared infrastructure.
Eric Weinstein - 2021 Year in Review

18. Are you quite sure? It would be a pity to be wrong.
Winston Churchill, on the possibility of war between France and Germany

19. Ironically, it’s the suckiness of this industry that makes it attractive to invest in.
Akiba Leisman, CEO of Mako Mining

20. Asset selection and timing is 90% of the game (the other 10% is making sure management doesn’t screw it up).
Akiba Leisman, CEO of Mako Mining

21. Nobody in 1914 feared war enough.
How Europe Went to War in 1914

22. I identify as Michael Jackson. My pronouns are hee hee!
[Heard on a Twitter Space]

23. We must all suffer from one of two pains: the pain of discipline or the pain of regret.
Jim Rohn

24. Once the mind has accepted a plausible explanation for something, it becomes a framework for all the information that is perceived after it. We’re drawn, subconsciously, to fit and contort all the subsequent knowledge we receive into our framework, whether it fits or not.
Ryan Holiday in Trust Me, I’m Lying

25. While we may never objectively know the reality beyond our perception, we can find security in the sharing of our subjective worlds; in the mutual agreement on what is real.
The Metaphysics of Inception

26. In a probabilistic environment, you are better served by focusing on the process by which you make a decision than on the outcome.
Michael Mauboussin, in Think Twice

27. No contract, no amount, no price will ever save you from a dodgy person.
Yen Liow on Equity Mates Podcast

28. There are no gurus. There are only cycles.
Michael A. Gayed

29. When you have so much leverage in the system, it doesn’t take too many butterflies flapping their wings to create a hurricane.
Michael A. Gayed

30. It’s not a lie…if you believe it.
Georges Costanza, Seinfeld

31. Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend.
George Soros

32. You make the most money in investments that have undiscovered merits. You lose the most money in investments who’s merits are overstated.
Howard Marks, according to Bill Brewster

33. I say, we do. I’m not here to discuss this shit with my mind. My soul fucking knows. When I say jump, you fucking jumnp.
Michael Jordan, narrated by Tony Robbins

34. Molding and shaping and developing your ideas and your craft so that when it’s time for you to make your rounds, you gonna fly.
Stay Focused - Tyrese Gibson

35. When your buddy who’s been investing in tech and crypto for the last three years starts telling you to invest in oil, it might be time to start trimming.
Shubham Garg on the right time to diversify away from O&G"

36. “Often in error, never in doubt” should be carved on the tombstone of many an investment advisor.
100 to 1 in the Stock Market, by Thomas Phelps

37. Oh, you’re a wrestler now?
Nate Diaz on Conor McGregor shooting for a desperate takedown

38. Who we were doesn’t have to define who we’re gonna be.
Ray Garrison in Bloodshot

39. You can’t print a barrel of oil, a pound of uranium, or a ton of coal.
Heard on a Twitter Space in Jan 2022

40. I would rather have questions that can’t be answered than answers that can’t be questioned.
Richard P. Feynman, winner of the Nobel Prize in Physics in 1965

41. The stock market is a market of second-hand goods. The only reason you’re able to buy a share in a company is because somebody else didn’t want it. Why is that?
Chris Mayer, How to hunt 100 bagger stocks

42. No matter how much research you do on a name, there are some more things you learn about it while owning it.
Chris Mayer, How to hunt 100 bagger stocks

43. At 20% of GDP, real-estate is top Canada’s priority, and they will keep protecting it - and keep the Chinese money laundering pouring.
Heard on a Twitter space.

44. In the end, we will remember not the words of our enemies, but the silence of our friends
Dr. Martin Luther King, Jr.

45. The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function.
F. Scott Fitzgerald, reported by FarnamStreet

46. The idea is to live in the middle of ideas, believing in them enough to take action but not enough so they become too big of an anchor when something better comes along.
FarnamStreet

47. Many shall be restored that now are fallen & many shall fall that now are in honor.
Ben Graham, quoting the poet Horace at the start of Security Analysis

48. Predicting rain doesn’t count; building arks does.
Warren Buffett, 2001 annual shareholder report

49. Wonderful businesses do not trade for great prices when the headlines are positive and Wall Street is cheery; they get cheap when the news is bad and investors overreact. You’ll have to buy when everyone else is selling, which is not easy.
The Little Book That Builds Wealth, by Pat Dorsey

50. (a) Most investors trade too much, to their own detriment, and (b) the best solution for illiquidity is to build portfolios for the long term that don’t rely on liquidity for success.
Howard Marks memo, 2022

51. To be a disciplined investor you have to be willing to stand by and watch other people make money on things that you passed on.
Howard Marks

52. Anger is a punishment we give to ourself, for somebody else’s mistake.
Some Saint.

53. You can drive a truck between what I think it’s worth and where it’s priced.
Joel Greenblatt, on what makes a good investment

54. One of the keys to successful investing is to get out of your own head.
Jake Taylor

55. Les conseils et les critiques ont la même origine: on voudrait que l’autre fasse un peu plus comme nous.
Les leçons de Stromae pour les créateurs

56. “May we never let the things we can’t have or don’t have or shouldn’t have spoil our enjoyment of the things we do have and can have.”
Quote from Richard Evans, found in A STRATEGY FOR DAILY LIVING

57. With that much talent coming out of his lungs, I’m not surprised his two front teeth respectfully got out of the way.
Youtube comment on Kurt Nilsen singing Hallelujah

58. There are few edges available in hypercompetitive global markets. Controlling your own behavior is the last bastion of outperformance.
Journalytic

59. Sounds great in theory, but, unlike our academic friends, we’re going to ask a rude question: does it work?
Contrarian Investment Strategies

60. The 2008 squeeze was highly beneficial for me. I had both the cash and the courage to take advantage of a circumstance where the market lacked both. In a liquidity squeeze, he who has liquidity, as long as he’s prepared to exercise it, comes out to be King.
Rick Rule on liquidity

61. Much of this game comes down to sheer conviction in the thesis. And conviction comes through understanding. The difference between “just buying a ticker” and understanding the big macro right down to the micro company picture is night and day.
Trader Ferg in one of his weekly emails

62. I never could have done what I have done without the habits of punctuality, order, and diligence, without the determination to concentrate myself on one subject at a time.
Charles Dickens

63. If you start a new job tomorrow and someone gives you $100M to invest, what do you do?
George Nobel on thinking forward with your decisions

64. Good investing come from buying things well, not from buying good things.
Howard Marks

65. In the first 10 years, I never had a response. Not one. Not only did nobody ever say “that was a good memo”, nobody ever said they got it!
Howard Marks, talking about his memos

66. They’re only as good as the world allows them to be. When the chips are down, these civilized people…they’ll eat each other.
The Joker, in The Dark Knight

67. I screwed up. What elements of my approach caused me to fail? Let’s fix that next time around. If you survive it, failure is often more productive than modest success.
Jacobus Petrus “Koos” Bekker, on his early investments in China

68. Hi Andrew, While I’m not expert at such things, I suspect that our stock at $125 no longuer qualifies as a “long-term value oriented investment” for anyone but the most fervent believers.
Mark Leonard, CEO of Constellation Software, in 2013

69. I now take a long-term view on people. When I see something not being done right, my first reaction isn’t to go fix it. It’s so say: “We’re building a team here, and we’re gonna do great stuff for the next decade, not just the next year. What do I need to do to help so that the person who’s screwing up learns - versus: how do I fix the problem?”
Steve Jobs, on the most important thing he learned at Apple

70. Leave things alone. Especially when the sea is stirred up.
Baltasar Gracian, read on Chris Mayer’s blog

71. What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.
[Warren Buffett]

72. Nothing sedates rationality like large doses of effortless money.
[Warren Buffett]

73. Obviously, then, by definition, it is at least sometimes necessary for the good to suffer and the wicked to thrive. Anything less would eliminate free choice.
I’m not the boss (Ch 7) - Howard Jonas

74. Success is not a reward. Sometimes it’s just a sign of having tried hard and often
I’m not the boss (Ch 10) - Howard Jonas

75. I am proud to note that we hire and promote on merit only, and because of that we have a team of exceptional Canadians who happen to have diverse backgrounds.
Ken Rotman, Chief Executive Officer of Clairvest, Annual Report 2022

76. Even if we had a crystal ball, the investment implications of future events and conditions are unknowable.
Michael O’Higgins, cited by Chris Mayer

77. The goal isn’t to buy the good businesses. The goal is to buy the good businesses that other people don’t think are the good businesses.
Clifford Sosin, on Yet Another Value Podcast

78. Ideas are 5%, execution is 95%.
Spotify founder Daniel Ek, 2012

79. You can only bet on the end of the world once — so you better be right! And even if you are right it won’t matter!
Adam D. Wyden on long-term investing

80. There’s something in our culture where we undervalue time, and we behave as if we had access to parallel worlds.
A lecture by Dr Ole Peters

81. People make their mistakes as they stumble uphill.
Jordan Peterson Gets Emotional in interview with Piers Morgan

82. Teacher asks her young students how many sheep they would have if they started with 10 and one ran away. All said 9, except one who said there would be none left. Teacher: “Obviously, you don’t understand math.” Student: “Obviously, you don’t understand sheep.”
Tweet by Chris Mayer

83. It’s not about how hard you hit. It’s about how hard you can get hit and keep moving forward. How much you can take and keep moving forward.
Sylvester Stallone as Rocky Balboa

84. There are decades where nothing happens; and there are weeks where decades happen.
[Vladimir Ilyich Lenin]

85. Chesterton’s fence: The principle that reforms should not be made until the reasoning behind the existing state of affairs is understood.
Elon Musk might remove the character limit from twitter

86. I don’t like working. I do the absolute minimum necessary to reach a decision.
George Soros on how he decides to invest

87. When I have to, I work furiously because I am furious that I have to work.
George Soros on work

88. You can have a great business, but it doesn’t mean it will be better in five years.
Charlie Munger, quoted by Todd Combs

89. The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails.
John Maxwell, quoted by a $KSPI investor

90. When a particular mindset has become the preoccupation of a group of scholars in a particular field, they are so reluctant to let go of it, they become existentially attached to it. An attack on the paradigm becomes an attack on them and they vigourously defend it.
Graham Hancock in Ancient Apocalypse, talking about archeologists

91. I let go of things that do not serve me. I have the power to achieve my goals. I cherish the life that I am creating.
Francesca from TheGoodSpace

92. There aren’t 50 Coca-Colas. There aren’t 20!
Waren Buffett on diversification

93. Almost everybody I know in Wall Street has had as many good ideas as I have. They just had a lot of [bad] ideas too.
Quote from Warren Buffett, found on twitter

94. All those little quarterly updates don’t matter very much at all.
Chris Mayer on how “we, as investors, can so easily get lost in the weeds”

95. It’s something you plan to own for a long time and sell reluctantly.
Chris Mayer on how to think of a stock

96. As an individual investor, […] you do need to resist the urge to trim winners - as long as the company is performing.
Chris Mayer on the “secret sauce” to long-term outperformance

97. It is best by far not to fail, but next best is to find in failure the way to success.
The Book of Master Mo

98. The noble man is hard on himself but easy on others, whereas the ordinary man is easy on himself but hard on others.
The Book of Master Mo

99. You never hear of those who do what they like avoiding what they dislike.
The Book of Master Mo

100. Anyone can count the number of seeds in an apple, but very few can count the number of apples in a seed.
Redlands Forum - Peter Kaufman

101. The real edge is our behavioral edge, and that is the ability to persist through losing money.
Bob Robotti on The Business Brew poscast

102. The religion that we believe greatly in is to be successful and grow free cash flow per share over the long term.
Rich Templeton, CEO of Texas Instruments at Morgan Stanley March 2022 Conference

103. I didn’t even realize that there was a 3:30 also in the morning.
A sports guy asked to come in to cover a blizzard in the morning show

104. The rate at which you make decisions [and act on them] is a far greater predictor of success than the accuracy of the decisions you do make.
David Friedberg on the All-In podcast, talking about Elon and Twitter

105. The culture of our place is: try to make as many small mistakes as you possibly can, which means that you’re testing the windows every day. But don’t make any really large mistakes.
Bruce Flatt on David Rubenstein

106. You either write down your ideas or you kiss them goodbye.
Some guy on twitter

107. The longer the time horizon you have, the less need you have for diversification.
Chris Mayer on a paper titled “Elements of Portfolio Construction” by Frank E. Block

108. If you aren’t thinking about owning a stock for ten years, don’t even think about owning it for ten minutes.
Same source as above, Chris Mayer quoting Warren Buffett]

109. Every bankrupt person I know has owned a boat.
Michael Girdley on Twitter

110. Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.
Carl Icahn

111. Most people are capable of far more than they give themselves credit for.
An interesting fitness & value investing affictionado

112. I want people to know that we made them dance.
Satya Nadella, talking about the 800-pound gorilla (Google)

113. We can afford to lose money; even a lot of money. We cannot afford to lose reputation; even a shred of reputation.
Warren Buffett’s #1 rule to his managers

114. You don’t have to do extraordinaty things to get extraordinary results.
Why Warren Buffett doesn’t own Nike

115. You will find opportunities that, if you [only] put 20% of your net worth in it, you’ll have wasted the opportunity of a lifetime.
Warren Buffett on diversification

116. When Charlie thinks, he always starts by inverting. To understand how to be happy in life, [he] will study how to make life miserable. To examine how businesses become big, strong, and successful, [he] first studies how businesses decline and fail.
[Charlie Munger - Always invert]

117. The most probable hypothesis is usually the one with the least evidence against it, not the one with the most evidence for it.
The Psychology of Intelligence Analysis by Richards Heuer

118. What appears spontaneously in consciousness is the result of thinking, not the process of thinking.
The Psychology of Intelligence Analysis by Richards Heuer

119. I’m no genius. I’m smart in spots—but I stay around those spots.
Tom Watson Sr., Founder of IBM - Circle of Competence

120. The bridge between shareholder value and intrinsic value is capital allocation.
WallSt Gunslinger substack - $NICK thesis

121. Close your eyes and imagine the best version of you possible. That’s who you really are, let go of any part of you that doesn’t believe it.
Anna Delyla, fitness model

122. Value investing is a negative art. Ignoring popular and expensive stocks and sectors, saying no to mediocre ideas, rejecting impatience.
TheWhiteTiger

123. Just because something happened that was outside of your control doesn’t mean it’s not your responsibility to deal with circumstances the best you can.
Farnam Street, no. 519

124. If you invest in the present, you’re going to get run over.
Druckenmiller on one of the best pieces of advice he has received

125. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose.
Steve Jobs, quoted by Chris Mayer

126. Freedom allows you to control what you work on. If you control what you work on then you can work on what you love. If you love it you will do it for a long time. If you do it for a long time you will get really good at it. Money will come as a result.
Someone quoting Sam Zell

127. Alexander was a hereditary monarc. He was handed a kingdom. Unless he was an imbecile, Alexander was going to be great - no matter what.
Dan Carlin on Lex Friedman’s podcast

128. You should not act as if the things that should happen are the things that will happen.
Howard Marks: Best Lecture EVER For Stock Market Investors

129. Although patient and polite, he displayed a bulldog tenacity that took people by surprise.
Titan, p. 47

130. […] his conviction that God had given kerosene to mankind gave him unswerving faith in the industry’s future, enabling him to persist where less confident men stumbled and faltered.
Titan, p. 76

140. My decision-making acuity fades with lots of cash. There is a compulsion to do something with a bunch of cash sitting around.
The Lazy Beaver

141. Certain industries require macroeconomic opinions. I never really have an opinion so I can’t participate.
The Lazy Beaver

142. _ He used his material wealth not to buy ‘possessions’ but to buy ‘time’ and to live his life on his own terms._
White Falcon Capital Management 2021Q1 letter

143. There is an expiry date on blaming your parents for steering you in the wrong direction; the moment you are old enough to take the wheel, responsibility lies with you.
J.K. Rowling on personal responsbility, quoted on Farnam Street

144. Bad things happen fast, good things happen slowly.
40 Lessons from 30 Years, Nat Eliason’s Newsletter

145. The ability to say ‘‘no’’ unless all the facts are in your favour is a significant advantage for any stock market investor.
THE WARREN BUFFETT WAY, by ROBERT G. HAGSTROM

146. A friendship based on business is superior to a business based on friendship.
Titan, p. 109

147. The most ludicrous of all ludicrous things, it seems to me, is to be busy in the world, to be a man who is brisk at his meals and brisk at his work… What, after all, do these busy bustlers achieve?"
Kierkegaard, quoted by Chris Mayer

148. It also seems to me that with cause and effect the relation does not hold together properly. Sometimes enormous and powerful causes produce very small and insignificant effects, sometimes none at all; sometimes a nimble little cause produces a colossal effect.
Kierkegaard, quoted by Chris Mayer

149. Kierkegaard: He who cannot forget will never amount to much. Mayer: […] as an investor you want to learn from your mistakes, but then you want to forget the mistake and just retain what you learned. Kierkegaard and Chris Mayer tag-team

150. As always, the greater the tumult, the cooler Rockefeller became, and a strange calm settled over him when his colleagues were most disconcerted.
Titan, p. 140

151. Go as far as you can see; when you get there, you’ll be able to see farther.
J.P. Morgan, quoted by Ian Cassel

152. […] he was taking my ideas and he had more guts. He was betting more money on my ideas than I was.
Druckenmiller on Soros

153. […] an investor should strive to be either an “Assassin” or a “Hunter” when losing money on a position and a “Connoisseur” when making money on a position. […] being a “Rabbit” or a “Raider” must be avoided at all costs.
Lessons on winning and losing as an investor from “The Art of Execution”

154. Above a certain net worth, people usually lose the internal regulation mechanism that reminds them they have no idea what they’re talking about outside of a very small handful of topics.
Bear Force 1 on Twitter

155. The difference between successful people and very successful people is that very successful people say ‘no’ to almost everything.
Warren Buffett, quoted on fs.blog

156. Success comes from keeping the ears open and the mouth closed.
John D. Rockefeller, Titan p. 174

157. Do not many of us fail to achieve big things […] because we lack concentration - the art of concentrating the mind on the thing to be done at the proper time and to the exclusion of everything else?
John D. Rockefeller, Titan p. 174

158. The MOAT of any small business is the management.
Ian Cassel, on Wal-Mart and Sam Walton

159. There are people sitting there deliberately waiting for the thrill of being offended.
John Cleese’s War on Wokeism

160. If you just keep your mind resting against the subject in a friendly but persistant way, sooner or later you will get a reward from your subconscious.
John Cleese on Creativity In Management

161. […] direct yourself toward the small things you are good at. Do not dream or make grand plans for the future, but instead concentrate on becoming proficient at these simple and immediate skills.
The Daily Laws, Robert Green [January 13]

162. “Rule No. 1: Most things will prove to be cyclical. – Rule No. 2: Some of the greatest opportunities for gain and loss come when other people forget Rule No. 1.”
[Howard Marks]

163. Boldly chase outlier ideas, even if other people aren’t interested in them — in fact, especially if they aren’t. If you’re excited about some possibility that everyone else ignores, and you have enough expertise to say precisely what they’re all overlooking, that’s as good a bet as you’ll find.
Paul Graham, How to Do Great Work

164. Never let setbacks panic you into backtracking more than you need to. _
Paul Graham, How to Do Great Work

165. He was like a projectile that, once launched, could never be stopped, never recalled, never diverted.
Titan, p. 230

166. Will you tell me how to prevent riches from producing luxury? Will you tell me how to prevent luxury from producing effemincay, intoxication, extravagance, vice and folly?
John Adams to Thomas Jefferson - Titan, p. 231

167. Before buying a stock, it has to be a complete and total no-brainer. It needs to be painfully obvious to the village idiot, why we should be buying.
Mohnish Pabrai’s best Interview ever

168. The thing that doesn’t fit is the thing that’s most interesting; the part that doesn’t go according to what you exepected.
Richard Feynman :: Rules of Chess (and the universe)

169. They’re not coming for us are they sir".
The Rock (1996) - Opening Scene (HD)

170. “Occasionally I wonder what I would do if I only had one job,” he said. “What would I do with all the time on my hands?”
A Gen Xer who secretly works 3 full-time remote jobs

171. For contrarian investors, a history of poor returns in an industry can represent a potential opportunity, since cooperative behaviour is more likely to break out if companies are responding to the imperative of balance sheet repair.
Capital Returns - 1.1 Evolution of Cooperation

172. It is relatively easy to identify those industries where these conditions (cooperative behaviour) exist currently (just look at existing returns on capital), and it is for this reason that the really juicy investment returns are to be found in industries which are evolving to this state.
Capital Returns - 1.1 Evolution of Cooperation

173. How can teachers cultivate in students a love for learning that lasts forever, when they are forced to teach a one-size-fits-all curriculum that rewards grades and standards over creativity and choice?
Ana Lorena Fabrega

174. In what ways does the world pull at you in an attempt to make you normal? How much work does it take to maintain your distinctiveness? To keep alive the thing or things that make you special?
Jeff Bezos last shareholder letter (2020)

175. Companies that have very little competition tend to have little variation in their margins.
Andrew Kuhn

176. Most of the time, the market has the right price for most businesses. It’s actually really hard to find mispriced businesses. But, every once in a while, there will be something that is just so obviously the wrong price that if you can be patient enough to wait until those times come, then you don’t have to be this amazing all-star business analyst to recognize it and be able to take advantage of it.
Jake Taylor on the Investing with Tom podcast

177. We avoid discussing our owned businesses in public settings. It’s insidiously easy to overcommit to an idea when it’s intertwined with your identity.
Farnam Investments, July 2023 letter

178. “I feel like I get paid for my strong stomach, rather than my exceptional analytical ability.”
Joel Greenblatt, quoted in Farnam Investments, July 2023 letter

179. A hugely profitable investment that doesn’t begin with discomfort is usually an oxymoron.
Howard Marks

180. Determination. That is by far the most important quality.
Jessica Livingston on the most important trait of successful founders

181. Yesterday you said tomorrow. Just do it.
Nike ad

182. Bronze medalists appear happier than second place finishers because the most easily imagined counterfactual for the silver medalists was the gold; in contrast, the most easily imagined alternative for the bronze medalists was failing to medal at all.
Why Olympic Bronze Medalists Are Happier Than Silver Medalists

183. Men, it has been well said, think in herds. It will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
Charles Mackay, quoted by Brian Feroldi

184. The founder is the guardian of the company’s soul. Over time a company becomes a reflection of its founder.
David Senra, @FoundersPodcast

186. If you have nothing to hide, you shouldn’t be afraid.
Klaus Schwab calls for the complete elimination of privacy

187. Don’t be around people who love drama, because they’ll end up putting you in one of their episodes.
[My sister]

188. No money no honey; in darija: “li ma 3ndou flous klamou messous”
[Translation english -> Moroccan arabic]

189. Action produces information. Just keep doing stuff.
Coinbase founder Brian Armstrong - advice for a pre-product/market fit startup

190. I hear scientists are considering adding an extra leap second due to the gravitational effects of this man’s balls.
GME YOLO update — Apr 16 2021 — final update

192. In the real world, things generally fluctuate between “pretty good” and “not so hot.” But in the world of investing, perception often swings from “flawless” to “hopeless.”
Howard Marks, quoted by Ian Cassel

193. Black and white thinking is a sign of emotional activity in the amygdala and hippocampus. It means that you’re emotionally charged and you’re not thinking logically. The truth of the matter is the world is a nuanced place and very few things are black and white.
Why don’t you want to do anything after binging 4 hours of Youtube videos

194. There’s nothing Anthony Fauci could say at this moment that I want to hear.
Eric Weinstein Reacts To Sam Harris On Modern Wisdom

195. It requires sitting with the frustration of putting in work that doesn’t immediately pay off. Robert Greene on Mastery

196. We’re so busy lying we don’t even recognize the truth no more in society. We want everybody to feel good. That’s not the way life is.
Coach Sanders

197. It is adherence to the concept of a margin of safety that best distinguishes value investors from all others.
[Seth Klarman, Margin of Safety - Introduction]

198. Greed also manifests itself as undue optimism or, more subtly, as complacency in the face of bad news.
[Seth Klarman, Margin of Safety - Ch 1]

199. I shall never be ashamed of citing a bad author if the line is good.
Seneca, cited by FarnamStreet

200. The stock market is made up of a bunch of lemmings. Inferring something from their actions and then is like running after a group of Japanese tourists in Cologne in the hope that they know their way around.
Andy on Fintwit

201. This guy gave me inspiration to sell my guitar
YouTube comment on The Song of the Golden Dragon by Estas Tonne

202. Quicked pulses and self-delusion, in their view, were the major causes of mistakes.
The Snowball, p. 23

203. If you are going through hell, keep going…
Winston Churchill, quoted within a writeup on $WBD

204. If you make an effort in training when you don’t especially feel like making it, the payoff is that you will win games when you are not feeling your best.
Rafael Nadal on the importance of doing the work, even when it’s hard

205. The world is a very malleable place. If you know what you want, and you go for it with maximum energy and drive and passion, the world will often reconfigure itself around you much more quickly and easily than you would think.
Marc Andreessen

206. The eyes see what the mind knows.
Vishal Khandelwal quoting Bhagavad Gita

207. Say no to multiple arbitrage.
Rodrigo Benedetti’s X profile

208. Move faster. Slowness anywhere justifies slowness everywhere.
Sam Altman

209. There’s something about affluence that over time convinces people to kill themselves.
Tucker Carlson

210. Fear will always try to convince you to stay where you. Fear will always try to convince you it’s too late. Fear is a liar. MicroCap Club

211. Chasing loose ends is what life is about. As long as it stokes your curiosity.
Unemployed Capital Allocator

212. Etiam si omnes, ego non
“Even if everyone, I not”

213. One of the lessons [we’ve] learned and, unfortunately, sometimes re-learned - is the importance of being in businesses where tailwinds prevail rather than headwinds.
Warren Buffett, quoted by MastersInvest.com

214. The three most harmful addictions are heroin, carbohydrates, and a monthly salary
David Hieatt, quoted by Brad Kaellner

215. Life punishes the vague wish and rewards the specific ask
Tim Ferris, quoted by Brad Kaellner

216. If a nuclear bomb dropped on your town, you could hide beneath Chrystia Freeland self-esteem and live.
Tucker Carlson speaking in Edmonton

217. Don’t practice what you do not want to become.
Jordan B. Peterson

218. Buffett knew that he wanted to be in business with the kind of guy who would leave a black-tie party to count sheets of toilet paper.
The Snowball, Ch29

219. Intensity is the price of excellence.
The Snowball, Ch29

220. But Hochschild-Kohn was the beginning of a pattern that would recur more than once in frothy markets: Buffett had lowered his standards to justify an investment.
The Snowball, Ch29

221. He saw with his own eyes the speed with which orginary people, formed into a mob, could act out the lowest depths of human nature.
The Snowball, Ch31

222. Easy, safe, profitable, and pleasant.
The Snowball, Ch32

223. This particular quality - to pass up possible riches if he couldn’t limit his risk - was what made him Warren Buffett.
The Snowball, Ch32

224. _The task is not so much to see what no one has seen yet, but to think what noboady has yet thought, about that which everyone sees."
Arthur Shopenhauer

225. Even if one has developed the analytical skills to spot the winner, the psychological disposition necessary to own shares for prolonged periods is not easily come by.
[Capital Returns, Ch 2.2 - Long Game]

226. We are on the lookout for factors which might lead to improved returns on equity, in particular: (1) the emergence of oligopolies in industries hitherto characterized by low returns and excessive competition; (2) the evolution of business models with high and rising barriers to entry; and (3) management behaviour which encourages these trends.
[Capital Returns, Ch 2.5 - Quality Time]

227. It’s unclear how mnay peopoe at the table understood “focus” as Buffett lived that word. […] It meant single-minded obsession with an ideal.
[The Snowball, Ch 50 - The Lottery, p. 523]

228. _You’d get very rich if you thought of yourself as having a card with only twenty punches in a lifetime, and every financial decision used up one punch. You’d resist the temptation to dabble. You’d make more good decisions and make more big decision.
[The Snowball, Ch 55 - The Last Kay Party, p586]

229. $12.50 bid.
[Buffett’s bid on Clayton Homes; would not budge! The Snowball, Ch 57, p605]

230. If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.
[The Snowball, Ch 58 - Buffetted, p620]

231. There’s nothing more expensive than that which comes from free.
[Influence, The Psychology of Persuadion, Ch 2 - Reciprocation, p49]

232. It is useless to attempt to resaon a man out of a thing he was never reasoned into.
[Jonathan Swift quoted in Influence, The Psychology of Persuadion, Ch 3 - Liking, p74]

233. People just don’t sue the doctors they like.
[The Psychology of Persuadion, Ch 3 - Liking, p75]

234. the connection; it doesn’t have to be a positive one, just a logical one.
[The Psychology of Persuadion, Ch 3 - Liking, p112]

235. Looking back, the biggest barrier wasn’t capital, wasn’t experience, wasn’t contacts. More than anything, the barrier is internal: it’s making the decision to do it.
[HBR Guide to Buying a Small Business, Ch1 - The Opportunity, p6]

236. I think a lot of the biggest bets that people make are often just based on conviction and values.
Mark Zuckerberg on why he refused the $1B acquisition offer in 2006

237. A man who knows how to battle will win many battles, but a man who knows when to battle will not lose a single one.
Random reel

238. “I like being the only person who can fire me.”
[HBR Guide to Buying a Small Business, Ch1 - The Opportunity, p12]

239. Weak men create masculine women, and strong men create feminine women. Not by force, but simply by loving well, and leading well.
Shared by my wife

240. your best strategy when in need of emergency help is to reduce the uncertainties of those around you concerning your condition and their responsibilities. Be as precise as possible about your need for aid.
[The Psychology of Persuadion, Ch 4 - Social Proof, p151]

242. people, especially when they are unsure of themselves, follow the lead of similar others.
[The Psychology of Persuadion, Ch 4 - Social Proof, p177]

243. Ah, uncertainty - the right-hand man of the principle of social proof.
[The Psychology of Persuadion, Ch 4 - Social Proof, p181]

244. Now you’re doing something you love, paying yourself, building your team, growing your business, building your equity through your debt payments, and reinvesting when needed. Heck, you might even choose to accelerate the growth of your company though additional acquisitions and fund them entirely though the cashflow of your business.
[Buy Then Build, Ch 2 - Engineering Wealth, p25]

245. It is way faster to be specific and incorrect.
Solve it wrong and go faster - a clip

246. The truth is that there is no correlation between having strong organization skills and being a successful CEO. None. In business, ambiguity reigns. Bein laser-focused is actually a bad thing.
[Buy Then Build, Ch 3 - The CEO Mindset, p51]

247. Those who are dubbed “high achievers” are those who are motivated almost exclusively by the personal satisfaction that comes with accomplishing hard goals.
[Buy Then Build, Ch 3 - The CEO Mindset, p56]

248. As a CEO, be calculated, be resourceful, and be persistent.
[Buy Then Build, Ch 3 - The CEO Mindset, p57]

249. The way you know your company has values is you can point to times where it really cost you something to hold those values up.
Mike Beckham, CEO of Simple Modern, a leading producer of premium drinkware and lifestyle products

250. The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already. Tolstoi, quoted by Farnam Street

251. The master defines good in himself; whatever is not that, is bad. The slave defines evil in the master, and whatever is opposite of that, is good
The Genealogy of Morality - Nietzsche

252. Just because you can resist the devil, doesn’t mean you should hang out with him.
Facebook reel

253. I buy companies that are not glamorous and usually out of favor. It’s even better if the whole industry is out of favor.
[Carl Icahn, quoted in The Acquirer’s Multiple]

254. The trick is to get more quality than you pay for in price.
[Charlie Munger, quoted in The Acquirer’s Multiple, Ch3 p44]

255. Companies that own science experiments or toys in search of a business model are for speculators. But weak current profits in a stock with a good past record creates a good chance for deep value contrarians to zig.
[The Acquirer’s Multiple, Ch7 p88]

256. Most decision should probably be made with somewhere around 70% of the information you wish you had. If you wait for 90%, in most cases, you’re being slow. Plus, either way, you need to be good at quickly recognizing and correcting bad decisions. If you’re good at course correcting, being wrong may be less costly than you think, whereas being slow is going to be expensive for sure.
Jeff Bezos, Shareholder Letter (2017)

257. It is not the best ones who succeed. It is the best ones of those who survive.
Ergodicity: How irreversible outcomes affect long-term performance

258. Don’t worry that children never listen to you; worry that they are always watching you.
Robert Fulghum, quoted by Safal Niveshak

259. …the iron prescription: every time you think some person, or some unfairness is ruining your life, it is you who are ruining your life.
Charlie Munger, quoted by Safal Niveshak

260. To follow, without halt, one aim: there is the secret to success.
[anna Pavlova, Russian ballet dancer; quoted in Essentialism - Ch10, p119]

261. your only path to success is through a continuum of mundane, unsexy, unexciting, and sometimes difficult daily disciplines compounded over time.
[The Compound Effect, Ch1]

262. _There are people that things happen to, and people who make things happen.
Scene from “Billions”