—Warren Buffett (2013)
From “Money: The True Story of a Made-Up Thing: P. 130
— Money – The True Story of a Made-up Thing p. 6
“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.”
— Aleksander I. Solzhenitsyn from “The Gulag Archipelago “
— Alex Green
“Investors should purchase stock like they purchase groceries – not like they purchase perfume.” – Benjamin Graham
“You can’t pick cherries with your back to the tree.” – J.P. Morgan
“Investment success accrues not so much to the brilliant as to the disciplined.” – William J. Bernstein
— Frank Partnoy
— David Brooks
“One might think that the most powerful man has the most choices, but in reality he has the fewest. Too much depends on his every move. The tyrant’s choices are the narrowest of all. His life—the nation!—hangs in the balance. He can no longer drift or explore, join or flee. He cannot reinvent himself, because so many others depend on him—and he, in turn, must depend on so many others. He stops learning, because he is walled in by fortresses and palaces, by generals and ministers who rarely dare to tell him what he doesn’t wish to hear. Power gradually shuts the tyrant off from the world. Everything comes to him second or third hand. He is deceived daily. He becomes ignorant of his land, his people, even his own family. He exists, finally, only to preserve his wealth and power, to build his legacy. Survival becomes his one overriding passion. So he regulates his diet, tests his food for poison, exercises behind well-patrolled walls, trusts no one, and tries to control everything.
Lest you think this is an edge case in the history of power, know that it is in fact the oldest story in the world. There’s even an ancient myth about it: The Sword of Damocles. We think a king is free… in fact, terror hangs over him.”
— Morgan Housel (link)
“Being able to do what you want, when you want, where you want, with who you want and for as long as you want provides a lasting level of happiness that no amount of “fancy stuff” can ever offer.
The thrill of having fancy stuff wears off quickly. But a job with flexible hours and a short commute will never get old. Having enough savings to give you time and options during an emergency will never get old. Being able to retire when you want to will never get old.
Achieving independence is our ultimate goal in life. But independence isn’t an “all-or-nothing” — every dollar you save is like owning a slice of your future that might otherwise be managed by someone else, based on their priorities.”