“Only with confidence created by a strong decision-making process can investors sell 
mania-induced excess and buy despair-driven value.” — David Swensen

“Obvious prospects for physical growth in a business do not translate into obvious profits for investors.” — Ben Graham

“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” — Warren Buffett

“Everything should be made as simple as possible, but not simpler.” — Albert Einstein

“The four most expensive words in the English language are, ‘This time it’s different.’” — Sir John Templeton

“The stock market is filled with individuals who know the price of everything, but the value of nothing.” — Philip Fisher

“If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.” — George Soros

“When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.” — Warren Buffett

“Rarely do more than three or four variables really count. Everything else is noise.” — Marty Whitman

“It isn’t the head but the stomach that determines the fate of the stock-picker.” — Peter Lynch

“You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.” — Ben Graham

“Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.” — Warren Buffett

“A wealth of information creates a poverty of attention.” — Herbert Simon

“It turns out that value investing is something that is in your blood.” — Seth Klarman

“The desire to perform all the time is usually a barrier to performing over time.” — Robert Olstein

“Diligence is the mother of good fortune.” — Miguel de Cervantes

“I try to initiate change throughprovocation, irony or violent criticism and also if necessary, through logical explanation.” —Nicolas Hayek, Swatch

“Stocks aren’t cheap and popular at the same time.” — Unknown

“The way to win is to work, work, work, work and hope to have a few insights…And when you get a few, you really load up. It’s just that simple.” — Charles Munger

“We don’t have an analytical advantage, we just look in the right place.” — Seth Klarman

“The truth does not change according to our ability to stomach it.” — Flannery O’Conner

“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” — Charles Ellis

“In the beginner’s mind there are many possibilities, but in the expert’s mind there are few.” — Zen Master Shunryu Suzuki

“The value premium is compensation for living with the stress of ownership that the seller can no longer endure.” — Lewis A. Sanders

“The essence of investment management is the management of risks, not the management of returns.” — Benjamin Graham

“A lot of people die fighting tyranny. The least I can do is vote against it.” — Carl Icahn

“Idle dreaming is often of the essence of what we do.” — Thomas Pynchon

“Research is what I am doing when I don’t know what I am doing.” — Wernher von Braun

“Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself.” — Phillip Fisher

“Never invest in any idea you can’t illustrate with a crayon.” — Peter Lynch

“Choosing what data to collect takes insight; making good sense of the data collected requires the classic methods.” — Emanuel Derman

“…Create a culture that breeds an endless search for ideas that stand or fall on their own merits rather than the rank of their originator…” — Jack Welch

“Do nothing for as long as possible… Slow preparation, fast execution… Question the heroic approach… Voice your suspicions…” — Brian Eno

“I not only use all the brains that I have but all I can borrow.” — Woodrow Wilson

“We are responsible for the world in which we find ourselves, if only because we are the only sentient force which can change it.” — James Baldwin

“We make a living by what we get, but we make a life by what we give.” — Winston Churchill

“It’s not what you look at that matters. It is what you see.” — Henry David Thoreau

“For every one of our failures, we had spreadsheets that looked awesome.” — Scott Cook, Chairman of Intuit

“If you have an important point to make, don’t try to be subtle or clever. Use a pile driver. Hit the point once. Then come back and hit it again. Then hit it a third time—a tremendous whack.” — Winston Churchill

“I take some malicious pleasure in saying it’s the book on finance (Security Analysis ) that’s been read by more people and disregarded by more people than any other that I know of.” — Ben Graham

“The daunting realization is that we don’t know what the hell we’re doing in most fields of life, especially the ones that involve people.” — Richard Thaler

“If you develop competence, have passion for what you do, and approach everything with honesty, the outcome will always be fine.” — Jimmy Page

“But something about which I feel strongly is that it’s not the things you buy and sell that make you money; it’s the things you hold.” — Howard Marks

“It takes a genius to whine appealingly.” — F. Scott Fitzgerald

“That’s always been a big problem with me…I find it hard to get old and hard to say no.” — Ronnie Wood

“You don’t become a value investor for the group hugs.” — Seth Klarman

“It is difficult to get a man to understand something when his salary depends upon his not understanding it.” —Upton Sinclair

“If you’re looking for a manager, find someone who is intelligent, energetic, and has integrity. If he doesn’t have the last, make sure he lacks the first two.” — Warren Buffett

“Knowledge is knowing that a tomato is a fruit. Wisdom is not putting it in fruit salad.” — Miles Kington

“A society that puts equality before freedom will get neither.” — Milton Friedman

“Creativity is the power to connect the seemingly unconnected.” — William Plomer

“Le petit quelque chose qui fout tout par terre.” — Unidentified Frenchman

“What is your idea of earthly happiness? To be vindicated in my own lifetime.” — Christopher Hitchens

“If you can see the light at the end of the tunnel, it’s probably too late.” — Mark Mobius

“Our main business is not to see what lies dimly at a distance, but to do what lies clearly at hand.” — Thomas Carlyle

“When people give up because a task requires cognitive strain in order to be done properly, it often means there is an opportunity to capitalize on for those willing to put in the effort.” — Steven Duneier

“If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people. But if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people, because very few companies are willing to do that. Just by lengthening the time horizon, you can engage in endeavors that you could never otherwise pursue.” — Jeff Bezos

“Doubt is not a pleasant state, but certainty is a ridiculous one.” — Voltaire

“A-list people do not directly criticize A-list people: doing so is a way to become a B-list person.” — Corporate Governance Expert

“There’s also a negative correlation between the number of people making the investment decisions and the results. If you have a lot of people involved, you tend to have the least competent person making the decision, because you need consensus.” — Lou Simpson

“If the token is being burned, then you have an economic model that says the value of the token is the net present value of basically all future burnings.”— Vitalik Buterin, the 23-year-old creator of Ethereum

“I don’t read fiction. The opportunity cost is too high.” — Ben Claremon, Cove Street Capital

“Well done is better than well said.” — Benjamin Franklin

“The often used phrase regarding America’s space program is ‘failure is not an option’…but if failure is not an option then you need to stay on the ground. Everything about space travel is subject to failure and if it is worth doing it will involve taking calculated risks.” — Buzz Aldrin

“I do not believe that selling at very low prices is a remedy for having failed to sell at high ones.” — John Maynard Keynes

“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.” — Thomas Sowell, American economist

“In a strategy that entails ruin, benefits never offset the risk of ruin.” — Nassim Nicholas Taleb

“The difference between successful people and really successful people is that really successful people say no to almost everything.” — Warren Buffett

“Sooner or later, the great men turn out to be all alike. They never stop working.” — V.S. Pritchett

“If you can keep your head when all about you are losing theirs…yours is the Earth and everything that’s in it.” —Rudyard Kipling

“Kites rise highest against the wind – not with it.” — Winston Churchill

“In my experience eloquent men are right every bit as often as imbeciles.” — Tyrion Lannister

“It is always the simple that produces the marvelous.” — Amelia Barr

“’Just remember,’ he said. ‘Turn every page. Never assume anything. Turn every goddamned page.’” — Robert Caro

“Regulation is a playground for smart people.” — Oliver Ireland (ex- Federal Reserve lawyer)

“Time isn’t the main thing. It’s the only thing.” — Miles Davis

“The most difficult thing is the decision to act, the rest is merely tenacity.” — Amelia Earhart

“Todo es comenzar á ser venturoso.” — Miguel Cervantes

“The more random combinations we produce, the greater the burden to screen out the useless ones. Insight involves making a new discovery without having to consider bad ideas. As the mathematician Henri Poincare put it, ‘Creation…does not consist in making new combinations…the combinations so made would be infinite in number and most of them absolutely without interest. To create precisely in not making useless combinations.’” — Gary Klein

“You may not get rich doing research, but you have high odds of becoming poor if you don’t.” — Jack Treynor

“We have not allowed precision to be the enemy of insight.” — Neil Ashe

“You live and breathe paradox and contradiction, but you can no more see the beauty of them than the fish can see the beauty of water.” — Neils Bohr

“It is sometimes easier to make the world a better place than to prove you have made the world a better place.” — Amos Tversky