A person who knows little likes to talk, and one who knows much mostly keeps silent. This is because a person who knows little thinks that everything he knows is important, and wants to tell everyone. A person who knows much also knows that there is much more he doesn’t know. That’s why he speaks only when it is necessary to speak, and when he is not asked questions, he keeps his silence

A person who knows little likes to talk, and one who knows much mostly keeps silent. This is because a person who knows little thinks that everything he knows is important, and wants to tell everyone. A person who knows much also knows that there is much more he doesn’t know. That’s why he speaks only when it is necessary to speak, and when he is not asked questions, he keeps his silence

— Jean Jacques Rousseau

Phil Fisher was just telling me the same thing that Charlie was telling me, which was that it’s very important to get into a business with fundamentally good economics, and one that you could ride with for decades, rather than one where you had to go from flower to flower every day. That philosophy has carried me along. Now, I’ve learned different ways of applying it over the years, but it’s the way I think about businesses now.

Phil Fisher was just telling me the same thing that Charlie was telling me, which was that it’s very important to get into a business with fundamentally good economics, and one that you could ride with for decades, rather than one where you had to go from flower to flower every day. That philosophy has carried me along. Now, I’ve learned different ways of applying it over the years, but it’s the way I think about businesses now.

—Warren Buffett (2013)

When people don’t have access to a sufficiency of facts or information, they default to what little is available to them. It’s called availability error.

When people don’t have access to a sufficiency of facts or information, they default to what little is available to them. It’s called availability error.

(Linkhttps://horizonkinetics.com/wp-content/uploads/Q3-CVALUE-Review_FINAL.pdf)
“The fear about energy is understandable; I get it. When people don’t have access to a sufficiency of facts or information, they default to what little is available to them. It’s called availability error. In the financial markets, in the absence of better information, the default is price. It’s always available. And if price is all you have to go on, energy stock prices look scary. If it’s price, there are only two judgments: something’s up or it’s down, and that defines good or bad.”