The whole trick in life is to get so that your own brain doesn’t mislead you.
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If you’re going to be in this game for the long pull, which is the way to do it, you better be able to handle a 50% decline without fussing too much about it.
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If you’re capable of being reasonable, it’s a moral failure to be unreasonable when you have a capacity to be reasonable.
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Gambling is a tax on ignorance. People often gamble because they think they can win, they’re lucky, they have hunches, that sort of thing, whereas in fact, they’re going to be remorselessly ground down over time.
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There are inefficiencies in the market, but they’re not easy to demonstrate, and I think that needs to be done before one shifts money in that direction.
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Shortsighted things that people sometimes do for their individual self-interest don’t tend to work out well in the long run.
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Casino gambling with a system where you have the edge is a wonderful teacher for elementary money management.
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I buy when things are low and no one wants them. I keep them until they go up and people are crazy to get them.
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There is no great secret in fortune making. All you have to do is to buy cheap and sell dear, act with thrift and shrewdness and then be persistent.
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Herding is not necessarily something one does as the result of analysis. It is what one does when one’s confidence is impaired.
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I don’t believe all this nonsense about market timing. Just buy very good value and when the market is ready that value will be recognized.
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My definition of being properly educated is being right, when the professor is wrong.
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The whole trick of the game is to have a few times when you know that something is better than average and invest only where you have that extra knowledge.
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Never underestimate the man who overestimates himself. These weird guys who overestimate themselves occasionally knock it right out of the park.
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Modern life creates successful bureaucracy and successful bureaucracy breeds failure and stupidity.
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My system in life is to figure out what’s really stupid and then avoid it. It doesn’t make me popular, but it prevents a lot of trouble.
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The great lesson in microeconomics is to discriminate between when technology is going to help you and when it’s going to kill you.
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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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Averaged out, betting on the quality of a business is better than betting on the quality of management. In other words, if you have to choose one, bet on the business momentum, not the brilliance of the manager.
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There are huge advantages for an individual to get into a position where you make a few great investments and just sit back. You’re paying less to brokers. You’re listening to less nonsense.
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Only novel “soft-shelled” ideas produce extraordinary returns, because the obvious ideas are already reflected in a stock’s price.
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It’s absolute cockamamie crazy to sell stocks after they drop. Instead, you should say, “Today there’s a first-rate bargain and I’m buying.”
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The mistake most people make is answering the door just because Mr. Market knocks. You don’t have to let him in.
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Most of the destruction of investment value occurs in small, private anguishing experiences that are never discussed and never recorded, because people were doing things they never should have done.
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