Fluttering and dancing in the breeze.
In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.
Show me the incentive and I will show you the outcome
Our biggest mistakes, were things we didn't do, companies we didn't buy.
Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.
'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.
I enjoy about 1 out of 100 movies, it's about the same proportion to books published that I care to read.
I pray to the angels that worship the devil.
Magic does that. It wastes you away. Once it grips you by the ear, the real world gets quieter and quieter, until you can hardly hear it at all.
Eventually, it is found out but it takes time especially in the conditions when communication is difficult, when the enemy is making it extremely awkward for information to come out, to go.