| 17th August 2010
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“Although the more efficient markets often misvalue assets, its not easy for anyone person – working with the same information as everyone else and subject to the same psychological influences – to consistently hold views that are different from the consensus and closer to being correct. That’s what makes the mainstream markets awfully hard to beat – even if they aren’t always right.”- Howard S. Marks, Oaktree Capital |
| 16th August 2010
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“Facts are better than dreams.”-Winston S.Churchill, The Gathering Storm, 1948 |
| 14th August 2010
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“Judge of a man by his questions, rather than his answers.”-Voltaire (1694-1778) |
| 13th August 2010
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“If you ask the right questions, you will always find out more than the next guy.”-Michael Price |
| 12th August 2010
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“Entia non sunt multiplicanda praeter necessitatem (entities should not be multiplied beyond necessity)”.
-William of Ockham (c.1285-1347) |
| 11th August 2010
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“In the early 1970s, we generated thousands of possible futures. We had to use a computer to sort through them. It was silly.”Peter Schwartz, The Art of the Long View, 1991 |
| 10th August 2010
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“I learned that individual opinions (my own as well as next man’s) are of little value- because so frequently wrong.”-Humphery Neil,The Art of Contrary Thinking, 1997 |
| 9th August 2010
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“What I call the attitude of reasonableness or the rationalistic attitude presupposes a certain amount of intellectual humility. Perhaps only those can take it up who are aware they are sometimes wrong, and who do not habitually forget their mistakes. It is born of the realization that we are not omniscient, and that we owe most of our knowledge to others.”
-Karl Popper, Conjectures and Refutations, 1963 |
| 7th August 2010
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“Ideas, sentiments, emotions, and beliefs possess in crowds a contagious power as intense as that of microbes”-Gustav Le Bon |
| 6th August 2010
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“Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph." -Charlie Munger |
| 5th August 2010
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“To me, it's obvious that the winner has to be very selective. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people." -Charlie Munger |
| 4th August 2010
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"I think that one should recognize reality even when one doesn't like it - indeed, especially when one doesn't like it."-Charlie Munger |
| 3rd August 2010
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“Warren [Buffett] is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you stop learning in this world, the world rushes right by you."-Charlie Munger |
| 2nd August 2010
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“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.” - Charlie Munger |
| 31st July 2010
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“It’s not given to human beings to have such talent that they can just know everything all the time. But it is given to human beings who work hard at it – who look and sift the world for a mispriced bet – that they can occasionally find one. And the wise ones bet keenly when the world offers that opportunity. They bet big when they have the odds. And the rest of the time, they don’t. It’s just that simple.” -Charlie Munger |
| 30th July 2010
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“Investing is where you find a few great companies and then sit on your ass.” -Charlie Munger, Berkshire Hathaway’s 2000 Shareholder Meeting |
| 29th July 2010
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“Organized common (or uncommon) sense — very basic knowledge — is an enormously powerful tool. There are huge dangers with computers. People calculate too much and think too little.” -Charlie Munger |
| 28th July 2010
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“Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.” -Kenneth Boulding, ecological economist |
| 27th July 2010
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"If everything on Earth were rational, nothing would happen." - Fyodor Dostoevsky |
| 26th July 2010
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"There is no more common error than to assume that, because prolonged and accurate mathematical calculations have been made, the application of the result to some fact of nature is absolutely certain." - A.N. Whitehead |
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