Quotes

Once we acknowledge that limited time is remaining, although we don’t know if that is years, weeks, or hours, we are less driven by ego or by what other people think. Instead, we are more driven by what our hearts truly want. Acknowledging our inevitable, approaching death offers us the opportunity to find greater purpose and satisfaction in the time we have remaining

— Bronnie Ware from ”Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing.” Top five regrets of the dying “I wish I’d had the courage to live a life true to myself, not the life others expected of me.” “I wish I hadn’t worked so hard.” “I wish I’d had the …

One of the reasons I can have a concentrated portfolio is because I understand what I own…. If you own six or eight great things, or at least great bets, that’s more comforting if you actually know what you own. If you don’t know what you own, if you don’t know how to value a business, you’re just going to react to the emotions, because you don’t actually understand what you own. But if you actually understand what you own, and the premise that you bought those things with is still intact, that’s actually the only way I think you can deal with the emotion, because you realize what you own is still good

—Joel Greenblatt 

In their classic 1934 text, Security Analysis, Benjamin Graham and David Dodd described “investment” as buying a security at a valuation that is associated with a reasonable expectation of acceptable long-term returns, based on a careful analysis of the relationship between the current price and expected future cash flows. In contrast, “speculation” means buying a security on the expectation that its price will advance. If you are not using well-defined and historically reliable valuation measures as a basis for investment, and you don’t have a well-defined and historically validated basis on which to expect speculative behavior from other investors, you’re probably gambling. 

— John Hussman