Adequate, though often imperfect, answers to difficult questions
Market conditions are fixed only in part by balance sheets and income statements; much more by the hopes and fears of humanity; by greed, ambition, acts of God, invention, financial stress and strain, weather, discovery, fashion, and numberless other causes impossible to be listed without omission
Human decisions affecting the future, whether personal or political or economic, cannot depend on strict mathematical expectation, since the basis for making such calculations does not exist.
Your baggage is what you already own, and it gets in the way of excellence.
“If you’ve been in the [poker] game 30 minutes and you don’t know who the patsy is, you’re the patsy.”
If you search worldwide, you will find more bargains and better bargains than by studying only one nation. Also, you gain the safety of diversification
The house of fear has many windows
Shielding themselves from the pain of losses by Broad Framing
Heuristic – This alternative to careful reasoning may cause us to answer the question of what is the fair value of a stock by asking the question, what is the ‘market value’?
It is mathematically inevitable that highly intelligent women will marry husbands who on average will be less intelligent than they are.