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Quote Authors

Arnold Van Den Berg, Arthur Rock, Benjamin Graham, Bernard Baruch, Bill Miller, Charles Ellis, Charlie Munger, Chris Browne, Chuck Akre, Daniel Kahneman, David Abrams, David Swensen, Dean LeBaron, Dean Williams, Edward Thorp, Edwin Lefevre, Francois Rochon, Fred Schwed Jr, George Soros, Henry Singleton, Hetty Green, Howard Marks, Jean Marie Eveillard, Joel Greenblatt, John Bogle, John Kenneth Galbraith, John Maynard Keynes, John Neff, John Stuart Mill, John Templeton, Lou Simpson, Marty Whitman, Meir Statman, Michael Price, Mohnish Pabrai, Myron Scholes, Paul Tudor Jones, Peter Bernstein, Peter Cundill, Peter Lynch, Philip Carret, Philip Fisher, Richard Thaler, Robert Kirby, Robert Shiller, Robert Wilson, Seth Klarman, Stanley Druckenmiller, T. Rowe Price, Walter Schloss, Warren Buffett,

“
There's an old saying, dumb is forever.
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Charlie Munger
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Diversification is a damn poor surrogate for knowledge.
”

Marty Whitman
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It’s not the answers that make you good in this business, it’s the questions you ask. If you ask the right questions you will always find out more than the next guy.
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Michael Price
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Nobody knows what the stock market is going to do or even what it ought to do. Hence, the most valuable asset in all business, which is knowledge, is necessarily absent.
”

Edwin Lefevre
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I’m a big fan of knowing the big ideas in pretty much all the disciplines -- the ones that are pretty easy to assimilate -- and then using those routinely in your judgments. That’s just my system.
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Charlie Munger
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Nothing so gives the illusion of intelligence as personal association with large sums of money.
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John Kenneth Galbraith
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The single most important thing, if you want to avoid a lot of stupid errors, is knowing where you’re competent and where you aren’t. Knowing the edge of your own competency. And that’s very hard to do because the human mind naturally tries to make you think you’re way smarter than you are.
”

Charlie Munger
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The only sound distinction in investment policies for one type of investor or another is based not on his financial position but on his financial competence and financial preparation.
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Benjamin Graham
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A public opinion poll is no substitute for thought.
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Warren Buffett
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Diversification is protection against ignorance, but if you don’t feel ignorant, the need for it goes down drastically.
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Warren Buffett
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When proper temperament joins with proper intellectual framework, then you get rational behavior.
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Warren Buffett
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I really believe it's better to learn from other people's mistakes as much as possible.
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Warren Buffett
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What you really want to do in investments is figure out what’s important and knowable. If it's unimportant or unknowable, you forget about it.
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Warren Buffett
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Investors who find an overly narrow niche to inhabit, prosper for a time but then usually stagnate. Those who move on when the world changes at least have the chance to adapt successfully.
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Seth Klarman
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Our expectations of the future are not unbiased and do not reflect all available information.
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Peter Bernstein
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Sometimes common sense tells us what statistics cannot.
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John Bogle
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One of the illusions that people on Wall Street have is that they can have perfect information on a stock.
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Seth Klarman
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The biggest risk is not knowing what you are doing.
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Peter Bernstein
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Being extremely early is tantamount to being wrong, so contrarians are well advised to develop an understanding of the psychology of the sellers.
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Seth Klarman
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As an investor you never have perfect information, and the biggest profits are always available when competition and information are scarce.
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Seth Klarman
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It is not really within human nature to comprehend that you may not know everything you think you know, and, further, that what you believe in could change on a dime.
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Seth Klarman
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I think investors always learn the lessons of the recent past. And that is the lesson.
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Seth Klarman
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At its root, risk is about mystery. It focuses on the unknown, for there would be no such thing as risk if everything were known.
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Peter Bernstein
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No stock picker knows so much that he can't learn a trick or a tip from a peer.
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Peter Lynch
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I think a weakness of many people's approach to investment is that they try to be jacks of all trades and masters of none.
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Philip Fisher
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I have this motto in life as well as in business, which is: every day, I'm lucky if I have learned something new and I'm doubly lucky if it hadn't cost too much.
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Chuck Akre
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Expertise is great, but it has a bad side effect. It tends to create an inability to accept new ideas.
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Dean Williams
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Crooks, crazies, egomaniacs, people full of resentment, people full of self-pity, people who feel like victims, there's a lot of things that aren't going to work for you. Figure out what they are and then avoid them like the plague.
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Charlie Munger
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I think it's part of a life lived right that you learn how to make some lemonade out of your lemons.
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Charlie Munger
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Knowledge is only one ingredient on arriving at a stock's proper price. The other ingredient, fully as important as information is sound judgment.
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Benjamin Graham
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They used to say about the Bourbons that they forgot nothing and they learned nothing, and I'll say about the Wall Street people, typically, is that they learn nothing, and they forget everything.
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Benjamin Graham
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It's not uncertainty as such that bothers us, but unknowledge.
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Peter Bernstein
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The market doesn't know everything, but it doesn't know nothing, and knowledge is cumulative. The market knows stuff now that it didn't know forty years ago, so it's harder to outperform.
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Howard Marks
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My definition of being properly educated is being right, when the professor is wrong.
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Charlie Munger
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It’s not given to human beings to have such talent that they can just know everything about everything all the time.
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Charlie Munger
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