03/24/2023
“We have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the…
“Life isn’t about finding yourself. Life is about creating yourself.” —George Bernard Shaw
“Volatility is a symptom that people have no clue of the underlying value.” —Jeremy Grantham
03/17/2023
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“Most folks are as happy as they make up their minds to be.” —Abraham Lincoln
“The constant lesson of history is the dominant role played by surprise. Just when we are most comfortable with an environment and come to believe we…
“First, we seem to assume that if a lot of people are doing the same thing, they must know something we don’t. Especially when we are uncertain, we are…
“Do not trust financial market risk models. Reality is always too complex to be accurately modeled.” —Seth Klarman
03/10/2023
“Accepting that we cannot predict the future--i.e., that there will always be unexpected and highly consequential events--is the first step in becoming…
“Survival as an investor over that famous long course depends from the very first on recognition that we do not know what is going to happen. We can…