“What the wise do in the beginning, fools do in the end”
– Warren Buffett
“The ordinary human being does not live long enough to draw any substantial benefit from his own experience. And no one, it seems, can benefit by the experiences of others. Being both a father and teacher, I know we can teach our children nothing . . . Each must learn its lesson anew.”
– Albert Einstein
“Although no one can go back and make a brand new start, anyone can start from now and make a brand new ending.”
– Carl Bard
“Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for.”
– Epicurus
“The most valuable personal finance asset is not needing to impress anyone.”
– Morgan Housel
“There are only two types of people: those who can’t time the market, and those who don’t know they can’t time the market.”
– Terry Smith
“It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt.”
– Mark Twain
“Faced with the choice between changing one’s mind and proving that there is no need to do so, almost everyone gets busy on the proof.”
– John Kenneth Galbraith
“There is only one way to happiness and that is to cease worrying about things which are beyond the power or our will.”
– Epictetus
“The idea that the future is unpredictable is undermined every day by the ease with which the past is explained.”
– Daniel Kahneman
“I saw that it was the artificial needs of life that made me a slave; the real needs of life were few.”
– William Dawson
“What works most of the time (with investing) is nearly the opposite of what works in the long run.”
– William Eckhardt
“If you have your health, you have a thousand worries. If you don’t have your health, you only have one worry.”
– Peter Mallouk
“The true job of a politician is to plant trees under which they’ll never sit under.”
– Scott Galloway
“There is nothing about the price action of a stock that tells you whether you should keep owning it. What tells you whether you should keep owning it is what you expect the company to do in the future.”
– Warren Buffett
“Why not start at once. We’ll never be younger, any of us.”
– Jack London
“If the why is powerful, the how is easy.”
– Jim Rohn
“I can calculate the motion of heavenly bodies, but not the madness of men.”
– Sir Isaac Newton
“Unspoken expectations are premeditated resentments.”
– Neil Strauss
“No one ever made a decision because of a number. They need a story.”
– Art Cashin
“Successful investing is all about anticipating the anticipations of others.”
– John Maynard Keynes
“If you are depressed, you are living in the past. If you are anxious, you are living in the future. If you are at peace, you are living in the present.”
– Lao Tzu
“Men destroy each other during war, themselves during peacetime.”
– Nassim Taleb
“You can close your eyes and cross a four-lane highway, but even if you get to the other side, you’re still an idiot.”
– Christian Deckart
“We are blind to our blindness. We have very little idea of how little we know. We’re not designed to know how little we know.”
– Daniel Kahneman
“The markets are a classroom where lessons are taught every day. The keys to investment success lie in observing and learning.”
– Howard Marks
“The elevator to health, happiness and success is out of order—you’ll have to use the stairs—one step at a time”
– Joe Girard
“You never know what is enough unless you know what is more than enough.”
– William Blake
“We have to invest in the world we live in, and not the world we want.”
– Charlie Munger
“There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash, and I don’t want to go back.”
– Charlie Munger
“When a man can’t find a deep sense of meaning, they distract themselves with pleasure.”
– Viktor Frankl
“Everyone is screwed up, broken, clingy and scared, even the people who seem to have it more or less together. They are much more like you than you would believe. So try not to compare your insides to their outsides.”
– Steve Jobs
“If you ever have the misfortune to have an investment that goes down for any amount of time…. severity is bad, but duration is underrated when it comes to pain.”
– Cliff Asness
“At the center of your being you have the answer; you know who you are and you know what you want.”
– Lao Tzu
“In a rising market, enough of your bad ideas will pay off so that you’ll never learn that you should have fewer ideas.”
– Daniel Kahneman
“Never, ever tell anyone about your problems, 90% of the people don’t care. The other 10% are glad you have them.”
– Charlie Munger
“More fiction has been written in Excel than in Word.”
– Morgan Housel
“The thing you have to worry about (with investing) is the thing you haven’t thought about.”
– Howard Marks
“There is nothing in this world which will so violently distort a man’s judgement more than the sight of his neighbor getting rich.”
– J.P. Morgan
“When we lack real problems in our lives, our mind quickly sets out to imagine some.”
– Mark Manson
“There are two kinds of forecasters. Those who don’t know, and those who don’t know they don’t know.”
– John Kenneth Galbraith
“When you feel like bragging, it’s probably time to sell.”
– John Neff
“Ever more people today have the means to live, but no meaning to live for.”
– Viktor Frankl
“20 years from now you’d give anything to be this exact age, exactly this healthy, and back in this exact moment. Now take a second to enjoy it, Now.”
– Rich Webster
“The ultimate success metric is whether you get what you want out of life. But that’s harder than it sounds because it’s easy to try to copy someone who wants something you don’t.”
– Morgan Housel
“Pain is knowledge rushing to fill a void with great speed.”
– Jerry Seinfeld
“Pain is, in almost all cases, a more pungent sensation than the opposite and correspondent pleasure. The one, almost always, depresses us much more below the ordinary, or what may be called the natural state of our happiness, than the other ever raises us above it.”
– Adam Smith
“Human felicity is produced not so much by great pieces of good fortune that seldom happen, as by little advantages that occur every day.”
– Benjamin Franklin
“If you gave an investor the next day’s news 24 hours in advance, he would go bust in less than a year.”
– Nassim Taleb
“It is far easier to figure out if something is fragile than to predict the occurrence of an event that may harm it.”
– Nassim Taleb
“Speak only if it improves upon the silence.”
– Mahatma Gandhi
“What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.”
– Warren Buffett
“The stock market is a device for transferring money from the impatient to the patient.”
– Warren Buffett
“You will become way less concerned with what other people think of you when you realize how seldom they do.”
– David Foster Wallace
“The world will ask you who you are, and if you don’t know, the world will tell you.”
– Carl Jung
“The world is not driven by greed. It’s driven by envy.”
– Charlie Munger
“If you spend your time chasing butterflies, they’ll fly away. But if you spend time making a beautiful garden, the butterflies will come.”
– Mário Quintana
“Investing goes off track when you believe you are entitled to high returns because you did all the right things.”
– Aswath Damodaran
“If I asked my customers what they wanted they would have said a faster horse.”
– Henry Ford
“As a rule, panics do not destroy capital; they merely reveal the extent to which it has previously been destroyed by [the taking on of excessive leverage in good times].”
– John Mills
“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip, but you’re not doing a tour of gas stations.”
– Tim O’Reilly
“The most important adage regarding leverage reminds us to never forget the six-foot-tall person who drowned crossing the stream that was five feet deep on average.”
– Howard Marks
“I would say the most dangerous thing in the world with a 12-year-old is to try to be his friend. But the worst thing with a 40-year-old is to try to be their parent.”
– Chris Davis
“The biggest communication problem is we do not listen to understand. We listen to reply.”
– Stephen Covey
“Better to get your dopamine from improving your ideas than having them validated.”
– Nat Friedman
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
– Mark Twain
“Success in investing doesn’t come from buying good things, but from buying things well, and it’s essential to know the difference. It’s not a matter of what you buy, but what you pay for it.”
– Howard Marks
“That men do not learn very much from the lessons of history is the most important of all the lessons that history has to teach.”
– Aldous Huxley
“Life isn’t about finding yourself. Life is about creating yourself.”
– George Bernard Shaw
“Efficiency is doing things right; effectiveness is doing the right things.”
– Peter Drucker
“Compare yourself to who you were yesterday, not to who someone else is today.”
“Everything feels unprecedented when you haven’t engaged with history.”
– Kelly Hayes
“If you want to be happy, forget yourself. Forget all of it – how you look, how you feel, how your career is going. Just drop the whole subject of you. People dedicated to something other than themselves are the happiest people in the world.”
– Michael Crichton
“A great philosopher said, ‘A man never steps into the same river twice; the man is different and so is the river when he goes in the second time.’ That’s the trouble with economics. It’s not like physics. The same damn recipe done a different time gets a different result.”
– Charlie Munger
“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying: it’s the strong swimmers who drown.”
– Charlie Munger
“Beware the barrenness of a busy life. He is richest who is content with the least, for contentment is the wealth of nature.”
– Socrates
“An irrational drop in price makes a stock cheaper. A rational drop makes it more expensive.”
– “The single most important decision in evaluating a business is pricing power. If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”
– Warren Buffett
“At first glance, nostalgia is a longing for a place, but actually it is a yearning for a different time; the time of our childhood, the slower rhythms of our dreams.”
– Svetlana Boym
“Basically, when you get to my age, you’ll really measure your success in life by how many of the people you want to have love you actually do love you. I know people who have a lot of money, and they get testimonial dinners, and they get hospital wings named after them. But the truth is that nobody in the world loves them. If you get to my age in life and nobody thinks well of you, I don’t care how big your bank account is, your life is a disaster.”
– Warren Buffett
“I could end the deficit in 5 minutes. You just pass a law that says anytime there is a deficit of more than 3% of GDP, all sitting members of congress are ineligible for reelection.”
– Warren Buffett
“It is difficult to get a man to understand something when his salary depends on his not understanding it.”
– Upton Sinclair
“Competence is how good you are when there is something to gain. Character is how good you are when there is nothing to gain. People will reward you for competence, but people will only love you for your character.”
– Mark Manson
“The intelligent investor is a realist who sells to optimists and buys from pessimists.”
– Benjamin Graham
“Success does not lie in sticking to things. It lies in picking the right things to stick to and quitting the rest.”
– Annie Duke
“America is the best place to make money and Europe is the best place to spend it.”
– Scott Galloway
“Bad luck is easy to identify when you fail and good luck is easy to ignore when you succeed.”
Morgan Housel
“Life would be infinitely happier if we could be born at the age of eighty and gradually approach the age of eighteen.”
– Mark Twain
“Patience and discipline can make you look foolishly out of touch until they make you look prudent and even prescient.”
– Seth Klarman
“Buying at the bottom and selling at the top are typically done by liars.”
– Bernard Baruch
“A bull market is like sex. It feels best just before it ends.”
– Barton Biggs
“The investor’s chief problem, and even his worst enemy, is likely to be himself.”
– Benjamin Graham
“Your personal experiences with money make up maybe .00000001% of what’s happened in the world, but maybe 80% of how you think the world works.”
Morgan Housel
“The dead outnumber the living fourteen to one, and we ignore the accumulated experience of such a huge majority of mankind at our peril.”
– Niall Ferguson
“Good advice rarely changes, while markets change constantly. The temptation to pander is almost irresistible. And while people need good advice, what they want is advice that sounds good.”
– Jason Zweig
“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.”
– Thoreau
“The purpose of life is to experience things for which you will later experience nostalgia.”
– Fedspeak
“Write your obituary, then work backwards to live it.”
– Warren Buffett
“Nothing in life is as important as you think it is when you are thinking about it.”
– Daniel Kahneman
“Aging is an extraordinary process where you become the person you always should have been.”
– David Bowie
“The world is split between those who don’t know how to start making money and those who don’t know when to stop.”
– Nassim Taleb
“We are what we repeatedly do.”
– Aristotle
“Misfortune weighs most heavily on those who expect nothing but good fortune.”
– Seneca
“Judge each day not by the harvest you reap but by the seeds you plant.”
– William Arthur Ward
“Success is when the people who you want to love you, do love you.”
– Warren Buffett
“Of the seven deadly sins, only envy is no fun at all.”
– Joseph Epstein
“The first rule of compound interest: don’t interrupt it unnecessarily.”
– Charlie Munger
“There is no such thing as information overload, just filter failure.”
– Howard Lindzon
“Many of life’s failures are people who did not realize how close they were to success when they gave up.”
– Thomas Edison
“A healthy man wants a thousand things. A sick man only wants one.”
– Confucius
“Most of the important things in the world have been accomplished by people who have kept on trying when there seemed no hope at all.”
– Dale Carnegie
“Fear incites human action far more urgently than the impressive weight of historical evidence.”
– Jeremy Siegel
“You don’t have to be great to start, but you have to start to be great.”
– Zig Ziglar
“Any market will gain respectability if it goes up high enough and any market will lose respectability if it goes down enough.”
– Arnold Van Den Berg
“If you only wished to be happy, this could be easily accomplished; but we wish to be happier than other people, and this is always difficult, for we believe others to be happier than they are.”
– Montesquieu
“People always ask me where the outlook is good (for investing), but that’s the wrong question. The right question is: where is the outlook most miserable.”
– John Templeton
“In the world of business, bad news often surfaces serially: You see a cockroach in your kitchen; as the days go by, you meet his relatives.”
– Warren Buffett
“A wise person should have money in their head, but not in their heart.”
– Jonathan Swift
“Everything that needs to be said has already been said. But since no one was listening, everything must be said again.”
– Andre Gide
“It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait.”
– Charlie Munger
“When it comes to science and technology, man learns, but when it comes to love, war and finance, he makes the same mistake over and over again.”
– Bill Bonner
“Bull markets bail you out of your mistakes. Bear markets make you pay for them.”
– Dick Russell
“One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I wait for a situation that is like the proverbial shooting fish in a barrel.”
– Jim Rogers
“When buying a used car, punch the buttons on the radio. If all the stations are rock and roll, there’s a good chance the transmission is shot.”
– Larry Lujack
“Chains of habit are too light to be felt until they are too heavy to be broken.”
– Warren Buffett
“We should be careful to get out of an experience only the wisdom that is in it and stop there lest we be like the cat that sits down on a hot stove lid. She will never sit down on a hot stove lid again and but she will never sit down on a cold one either.”
– Mark Twain
“There are decades where nothing happens; and there are weeks where decades happen.”
– Vladimir Lenin
“Interest on the debt grows without rain.”
– Yiddish Proverb
“Capitalism without financial failure is not capitalism at all, but a kind of socialism for the rich.”
– James Grant
“Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful.”
– Warren Buffett
“Men who can both be right and sit tight are uncommon.”
– Jesse Livermore
“Most investors think quality, as opposed to price, is the determinant of whether something’s risky. But high quality assets can be risky, and low quality assets can be safe. It’s just a matter of the price paid for them.”
– Howard Marks
“None are more hopelessly enslaved than those that falsely believe they are free.”
-Goethe
“Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.”
-Sir John Templeton
“The market can stay irrational longer than the investor can stay solvent.”
– Keynes
“All our life, so far as it has definite form, is but a mass of habits – practical, emotional, and intellectual – systemically organized for our weal or woe, and bearing us irresistibly toward our destiny, whatever the latter may be.”
-William James
“The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function.”
– F. Scott Fitzgerald
“The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.”
– Stephen Hawkings
“Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.”
– Sigmund Freud
“If you think you can or think you cannot, you are correct.”
-Henry Ford
“Do you want to sell sugared water for the rest of your life? Or do you want to come with me and change the world?”
-Steve Jobs
“Many of life’s failures are people who did not realize how close they were to success when they gave up.”
-Thomas Edison
“If something cannot go on forever, it will stop.”
-Herbert Stein
“Give me control of a nations money supply, and I care not who makes it’s laws.”
– Amschel Rothchild
“Men it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”
-Charles Mackay
“People only accept change in necessity and see necessity only in crisis.”
-Jean Monnet
“It is not the man who has too little, but the man who craves more, that is poor.”
– Seneca
“There’s one good financial idea every decade or so, and 5 to 10 marketing ideas a week.”
– Eugene Fama
“A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.”
– Robert Frost
“It isn’t bold to print money. It will be bold to withdraw it later.”
– Jeff Frank
“Live as if you were to die tomorrow. Learn as if you were to live forever.”
– Gandhi
“In economics things take longer to happen than you think they will, and then they happen faster than you thought they could.”
– Rudiger Dornbusch
“I don’t write about what I know. I write to find out what I know.”
– Patricia Hampl
“At this juncture, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.”
– Ben Bernanke, March 2007
“Everyone has a plan until they get punched in the mouth.”
– Mike Tyson
“No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.”
– Ludwig von Mises
“You can have comfort, or you can have value. You cannot have both.”
– Jim Grant
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
-Ludwig von Mises
“Whenever you find yourself on the side of the majority, it is time to pause and reflect.”
-Mark Twain
“Government bonds once offered risk-free return. They now offer return-free risk.”
– Jim Grant
“No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.”
– Ludwig von Mises
“The longer the markets disobey basic rules of valuation, the bigger the opportunity for good investors to reap the benefits. Value investing works precisely because markets become dysfunctional at times.”
-John Coumarianos
“Requiring a central bank to print money to increase government’s purchasing power invariably ignites a hyperinflationary firestorm. The result through history has been toppled governments and severe threats to societal stability.”
– Alan Greenspan
“I’d be a bum on the street with a tin cup if the markets were always efficient.”
-Warren Buffett
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
– Henry Ford
“While the government struggles to save one crumbling enterprise at the expense of the crumbling of another, it accelerates the process of juggling debts, switching losses, piling loans on loans, mortgaging the future and the future’s future. As things grow worse, the government protects itself not by contracting this process, but by expanding it.”
-Ayn Rand, 1974
“The cowards never started and the weak died along the way. That just leaves us.”
– Phil Knight
“Oh, look at me in my fancy car, and my bank account
Oh, how I wish I could take it all down to my grave, God knows I’d save and save
Man, take a look again, take a look again, things you have collected,
In the end it all piles up so tall to one big nothing, one big nothing at all”
– Dave Matthews, Seek Up, Live At Red Rocks
Tuna Thoughts 