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Quote 2

“This is a nightmare, which will pass away with the morning. For the resources of nature and men’s devices are just as fertile and productive as they were. The rate of our progress towards solving the material problems of life is not less rapid. We are as capable as before of affording for everyone a […]

Quote 1

“The right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason […]

On Diversification

We don’t believe that widespread diversification will yield a good result. We believe almost all good investments will involve relatively low diversification.

John Maynard Keynes

“The right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason […]

Seth Klarman, Baupost Group

“The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea […]

Warren Buffett

“Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.” “The fact that people will be full of greed, fear or folly is predictable. The sequence is not predicatable.” “It’s far better to buy a wonderful company at a fair price than a […]

Charlie Munger

“I find it quite useful to think of a free market economy—or partly free market economy—as sort of the equivalent of an ecosystem… ” “Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis — you must think biologically.” “[In picking stocks] You really have to […]