Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion. The … - Mohnish Pabrai

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But neither Europe nor Africa can show any such desolation as America. The proudest, stubbornest, bitterest peasant of deserted Spain, the most primitive and superstitious Arab of the remotest oases, are a little more than kin and never less than kind at their worst; whereas in the United States one is almost always conscious of an instinctive lack of sympathy and understanding with even the most charming and cultured people.

Mohnish Pabrai

Wall Street sometimes gets confused between risk and uncertainty, and you can profit handsomely from that confusion. The low-risk, high-uncertainty [situation] gives us our most sought after coin-toss odds. Heads, I win; tails, I don't lose much.

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Mistakes are the best teachers. One does not learn from success. It is desirable to learn vicariously from other people's failures, but it gets much more firmly seared in when they are your own.

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You don’t make money when you buy stocks. And you don’t make money when you sell stocks. You make money by waiting.

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Heads I win, tails I don’t lose much.

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The only way one should buy stocks is if you understand the underlying business. You stay within the circle of competence. You buy businesses you understand.

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Warren Buffett has said many times that people either get value investing in five minutes or they won't get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.

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