“Learning never exhausts the mind” Leonardo da Vinci


“You make a living from what you get. You make a life from what you give” Winston Churchill


“There is only one success…to be able to spend your life in your own way, and not to give others absurd maddening claims upon it” Christopher Morley


“The world is changed by your example, not by your opinion” Paulo Coelho


“We are just an advanced breed of monkeys on a minor planet of a very average star” Stephen Hawking


“Man still bears in his bodily frame the indelible stamp of his lowly origin” Darwin


“The only place success comes before work is in the dictionary” Vidal Sassoon


“A diamond is a piece of coal that stuck to the job”


“All my life as a musician, I have striven for perfection. It has always eluded me. I surely had an obligation to make one more try” Verdi


“Doubt is not a pleasant condition, but certainty is absurd” Voltaire and Christian Louboutin


“The used key is always bright” Ben Franklin


“One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man” Elbert Hubbard


“The limits of my language mean the limits of my world” Ludwig Wittgenstein on the value of vocabulary


“An expert is a man who doesn’t make the slightest error on the road to the Grand Illusion” Marshall McLuhan


“Unlimited freedom is an oxymoron, for there can be no freedom unless we observe the limits that make freedom possible” John Silber


“Never cut what you can untie” Joseph Joubert


“If you think about it, nature has a very large advertising budget. A flower is simply a weed with an advertising budget” Rory Sutherland on why marketers should consider looking to nature


“Vision without execution is just hallucination” Thomas Edison


After spending nearly five months alone in the Antarctic where temperatures shrank to minus 70, Admiral Richard E Bryd declared “half the confusion in the world comes from not knowing how little we need”.


“Unless you are ashamed of yourself now and then, you’re not honest” writer William Faukner

“It’s not what you look for that matters, it’s what you see” Henry David Thoreau


“Clear…concise…but has no point” Andy Kilpatrick joking about his own book, Of Permanent Value


“Of course truth is stranger than fiction – fiction has to make sense” Mark Twain


“I have often regretted my speech, never my silence” Publicis Syrus


“I have chosen the room where I would like to die. Not our bedroom, but the little study at the back of the house. Its large windows overlook the eucalyptus tree in the garden. It fits a single bed, a chair and a bookshelf. I figure that is all I will need.”  Kate Gross, Late Fragments


“The utility of living consists not in the length of days, but in the use of time; a man may have lived long and yet lived a little. Make use of time when it is present with you. It depends upon your will, and not upon the number of days, to have a sufficient length of life.” Montaigne


Warren Buffet on his purchase of the Berkshire textile business: The assets were not worth what we though they were worth “but the liabilities were solid”


Sir Humphrey in Yes Minister on politics – “The first rule of politics: never believe anything until it’s been officially denied”


“If I seem unduly clear to you, you must have misunderstood what I said” Alan Greenspan, joking about his cryptic statements.


“The best plan is only good intentions unless it degenerates into work” Peter Drucker


“Done is better than perfect”


“I’m not smarter, I just stay at the problem longer” Einstein


“When the train of history hits a curve, the intellectuals fall off” Karl Marx


Peter Drucker being prescient about the dawn of the internet: “Selling is no longer tied to production but to distribution”    “The railroad mastered distance – e-commerce eliminates it”


It is our choices…that show what we truly are, far more than our abilities” JK Rowling


“Force is all conquering, but its victories are short-lived” Abraham Lincoln


Philosopher Schopenhauer said that talent hits a target no one else can hit – genius hits a target no one else can see.


“Even if the sky is grey, that doesn’t mean it will rain on you” L J Endersen Jnr


“Nothing in life is to be feared. It is only to be understood” Marie Curie


Be silent unless speech improves the silence


Success is about getting what you want; happiness is about wanting what you get.


“The world breaks everyone and afterward many are strong at the broken places” Ernest Hemingway from A Farewell to Arms


“A truly strong person does not need the approval of others any more than a lion needs the approval of sheep” Vernon Howard (or more simply – A lion loses no sleep over what the sheep thinks)


“Only the mediocre are always at their best” Jean Giraudoux


“Life is pleasant. Death is peaceful. It is the transition that’s troublesome” Isaac Asimov


“Be as you wish to seem” Socrates


“Life is either a daring adventure or nothing” Helen Keller


“Enthusiasm in life, lethargy in investing” L Endersen


“Change leaders should starve problems and feed opportunities” Peter Drucker


“Most powerful is he who has himself in his own power” Seneca


“The imagination of nature is far greater than the imagination of man” Richard Feynman


“The greatest dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding” Brandeis


“The best writing is rewriting” E.B. White


“The public should always be wondering how it is possible to give so much for the money” Henry Forde on over-delivering


“We act as though comfort an luxury were the chief requirements of life, when all we need to make us happy is something to be enthusiastic about” Einstein


“Were even wrong about the which mistakes were making” Carl Winfeld


“Get the important thing right” N.P. Calderwood


“Focussing is about saying no” Steve Jobs


“When experts are wrong it’s often because they’re experts on an earlier version of the world” Paul Graham


“To be interested in the changing seasons…is a happier state of mind than to be hopelessly in love with spring” George Santayana from Reason in Art (1905)


“What the world needs is more geniuses with humility; there are only a few of us left” Oscar Lavant


“Listen attentively, apologise sincerely, forgive generously” Hugh Mackay in his book The Good Life


“Maybe all one can do is hope to end up with the right regrets” Arthur Miller


“Promises are like babies; easy to make, hard to deliver” Lex from the FT


“I returned, and saw under the sun, that the race is not to the swift, nor the battle to the strong, neither yet bread to the wise, nor yet riches to men of understanding, nor yet favour to men of skill; but time and chance happeneth to them all” Ecclesiastes 9:11


“When you talk, you are only repeating what you already know. But if you listen you may learn something new” Dalai Lama


“It is a great thing to do what is necessary before it becomes essential and unavoidable” Flann O’Brien, extract from his book The Third Policeman


“More are takin in by hope than by cunning” Luc de Clapiers


“People are frugal I guarding their personal property; but as soon as it comes to squandering time they are most wasteful of the one thing in which it is right to be stingy” Seneca from his wonderful essay, On the Shortness of Life


“It is the sign of a great man, and one who is above human error, not to allow his time be frittered away” Seneca


“Mark off, I tell you, and review the days of your life: You will see that very few – the useless remnants, have been left to you” Seneca


“But life is very short and anxious for those who forgot the past, neglect the present and fear the future” Seneca


“A promise made is a debt unpaid” Robert W. Service


“You can’t outrun your fork” FT Article pointing out how we tend to eat back our exercise.


“Capital is savings or consumption deferred; you don’t have to pay it back. Credit is like a library book; you must return it by the due date” James Grant


“A false friend and a shadow attend only when the sun shines” Ben Franklin


“Repeat not old mistakes, better to find new ones instead” L Endersen


“Were lost, but were making good time” Yogi Berra


“It’s better to light one candle than to curse the darkness” Motto of the Christophers


“It is the recipient who communicates. Unless there is someone who hears, there is no communication. There is only noise. One can perceive only what one is capable of perceiving” Peter Drucker


“Where communication is perception, information is logic. As such, information is purely formal and has no meaning. Information is always encoded. To be received, let alone used, the code must be known and understood by the recipient” Peter Drucker


“Millions long for immortality who don’t know what to do with themselves on a rainy Sunday afternoon” Susan Ertz


“Beauty is an open letter of recommendation, predisposing the hearth to favour the person who presents it” Arthur Schopenhauer from The Wisdom of Life


“I have no special talents. I am only passionately curious” Einstein


“It’s easier to supress the first desire than to satisfy all that follow it” Ben Franklin


“Don’t play cat and mouse games if you are the mouse” Johann Rupert ex CEO of Richemont


“Any philosophy that can be put in a nutshell belongs in one” Hilary Putnam on over-simplification


“Gentlemen, I may look like an idiot, and look like an idiot, but don’t let that fool you. I’m really an idiot”. Grouch Marx


A clever person solves a problem. A wise one avoids it.


“The desire to appear clever often presents one from doing so” La Rochefoucauld


“Everything that needs to be said has already been said. But since no one was listening, everything must be said again” French Author, Andre Gide


Hanlon’s Razor: “Never attribute to malice that which is adequately explained by stupidity”


Whose bread I eat, his song I sing.


“No one can persevere long in a fictitious character, for nature will soon reassert itself” Seneca


“Praise by name, criticise by category” Warren Buffett


“Behind every little problem, there’s a larger problem waiting for the little problem to get out of the way”


“There’s many a pessimist who got his way by financing an optimist” Peter Bevelin


“It is the mark of an educated mind to be able to entertain a thought without accepting it” Aristotle


“Yesterday I was clever, so I wanted to change the world. Today I am wise, so I am changing myself”  Rumi


“However beautiful the strategy, you should occasionally look at the results” Winston Churchill


“This is the mark of perfection of character – to spend each day as if it were your last, without frenzy, laziness or any pretending” Marcus Aurelius – Meditations


“You can get everything in life you want if you will just help enough other people get what they want” Zig Ziglar


“Interesting things happen to people who can weave them into interesting stories” Amos Tversky


“A candle loses nothing by lighting another candle” Jayson Gaignard


“The person who says it cannot be done, should not interrupt the person doing it” Chinese proverb


“If you would not be forgotten as soon as you are dead and rotten, either write things worth reading, or do things worth writing” Ben Franklin


“Love your neighbor as yourself, because your neighbor is yourself”  Eckhart Tolle


“Never underestimate the heart of a champion”


“The more we dig, the wider the circumference of our learning opportunity” Endersen


“How poor are they that have not patience!  What wound did ever heal but by degrees”  From Othello


“Man’s love is of a man’s life a thing apart.  ‘Tis woman’s whole existence” From Lord Byron’s Don Juan


Life’s objective is the freedom and capability “to choose a life that one has reason to value” Amartya Sen


“Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria”  John Templeton


“Markets and exchanges are merely mechanisms which reflect the temperament of man”  Luke Johnson


“A simple question asked may look foolish for five minutes, a simple question never asked my look foolish for the rest of your life”


“If a man does not know what port he is steering for, no wind is favorable to him” Seneca


“A monopoly on the means of violence within its borders”  Sociologist Max Weber commenting on the US’s tax raising capacity


“There is no money in being an angry young man” My friend Cormac advising me to stay calm


“Everyone has paper cash, no one has real cash”  My friend Niall commenting on a structured finance transaction


“If stocks are attractive and you don’t buy and they run away, you don’t just look like an idiot, you are an idiot”  Jeremy Grantham


“The simple things, the true things.  The silent men who do things” Robert Service in The Call of the Wild


“The light shines in the darkness, and the darkness did not overcome it” John 1:1-18


Hope is characterised as “believing you have the will and the way to accomplish your goals, whatever they may be”.  CR Snyder


“The purpose of life is to be loved by as many people as possible among those you want to have love you”  Warren Buffett


“Credit takes the waiting out of wanting”


“If you don’t like change you’re going to like irrelevance even less”  Eric Shinseki


“Not choice, but habit rules the unreflecting herd”  William Wordsworth


“When investing, pessimism is your friend, euphoria the enemy”  Warren Buffett


“Competition for status is a zero sum game” Richard Layard


“My interest is in the future because I am going to spend the rest of my life there”  Charles Kettering


“No one would have crossed the ocean if he could have gotten off the ship in the storm” Charles Kettering


“It looks just a little more mathematical and regular than it is; its exactitude is obvious, but its in-exactitude is hidden; its wildness lies in wait”  Chesterton on life


“The heart has reasons that reason doesn’t know” Blaise Pascal on emotions in decision making


“Ignorance is preferable to error and he is less remote from the truth who believes nothing than he who believes what is wrong”  Thomas Jefferson


Richard Tobias wrote that in stories there are just twenty fundamental plots which he titled “quest, adventure, pursuit, rescue, escape, revenge, riddle, rivalry, underdog, temptation, metamorphosis, transformation, maturation, love, forbidden love, sacrifice, discovery, wretched excess, ascension and descension”


He who angers you controls you.


“Belief in myths allows the comfort of opinion without the discomfort of thought” JFK


“The young man knows the rules, but the old man knows the exceptions” Oliver Wendell Holmes


“The plural on anecdote is not evidence” Michael Mauboussin


“Good judgement comes from experience and a lot of that comes from bad judgement”  Will Rogers


“There is nowhere to go.  What you are looking for is right here.  Open the fist clenched in wanting and see what you already hold in your hand”  Oriah Mountain Dreamer


“Since the seventeenth century, financial innovation has consisted in banks finding new ways to lose money”  Morgan Kelly


“Comment is free, but facts are sacred”  CP Scott


“In character, in manner, in style, in all things the supreme excellence is simplicity”  Henry Wadsworth Longfellow


“Assumption is the mother of all f*** ups”  Felix Dennis


Einstein attributed his mental success to “curiosity, concentration, perseverance and self criticism”


“A lie will go around the world while the truth is putting its boots on”  Charles Haddon Spurgeon in 1855


“Start where you are”  Alan Copps


“I have learned that only through focus can you do world class things, no matter how capable you are”  Bill Gates


“When you face into the sun all your shadows are behind you”  Maori Proverb


“A pessimist sees the difficulty in every opportunity, an optimist sees the opportunity in every difficulty”  Winston Churchill


No one ever learned anything by talking


“Nothing sedates rationality like large doses of effortless money”  Warren Buffet on the internet stock bubble


“Success in not final, failure is not fatal: it is the courage to continue that counts”  Winston Churchill


“Early to bed and early to rise makes a man healthy, wealthy and wise”  Benjamin Franklin


The eight enemies of achievement as observed by Luke Johnson:

  1. Procrastination (delay is opportunities assassin)
  2. Hubris
  3. Indecision
  4. Impatience
  5. Lack of Focus
  6. Pessimism
  7. Cowardice
  8. Being too comfortable

“Everyone has a plan until you get punched in the face”  Mike Tyson


“The stock market is a wonderfully efficient mechanism for transferring wealth from the impatient to the patient”  Warren Buffett


“A time will come to ride the wind and cit the waves / I’ll hoist my cloudlike sail and cross the sea which raves”  Li Bai


“Never has it hurt so little to borrow so much……..As a matter of definition, the public debt is deferred taxes, pure and simple.  As a fact of political life the emphasis goes on the word deferred rather than on the word taxes”  Jim Grant in 2013 when US interest rates are at generational lows.


“So convenient a thing it is to be a reasonable creature, since it enables one to find or make a reason for everything one has a mind to do”  Ben Franklin


“Certain as death, complicated as hell”  The Financial Times describing taxes


“In investment, like sport, form may be temporary but class is permanent”  John Templeton on the investment business


“If I had eight hours to chop down a tree, I’d spend six sharpening my axe”  Abraham Lincoln


“Doing the right thing is seldom popular.  Doing the popular thing is seldom right”  John Lonergan speaking of his time working in the prison service, adding that he would rather be conned the odd time than become a cynic.


“When you have to kill a man…..it costs nothing to be polite”  Winston Churchill


“Keep asking: and then what?”  Howard Marks


“Hubris is one of the great renewable resources”  PJ O’Rourke


“I must not serve my distant neighbour at the expense of the nearest”  Gandhi


Risk management, at its core, is about controlling business factors you can influence and avoiding those you cannot”  Peter Bernstein


“Investment is most intelligent when it is most businesslike” Ben Graham


“Anyone can hold the helm while the sea is calm” Publilius Syrus


“We cannot eat from the table of relative results”  Chuck Royce


“This is why value investing has always worked.  It’s always worked because when you make your buy list, it makes you want to throw up”  Richard Penza


“I remind our employees all over the world that no one washes a rented car”  Prem Watsa on ownership ethos.


“Life is about names not numbers”  Julia Hobsbawm on the importance of relationships


“All generalisations are false, including this one”  Mark Twain


“Not everything that counts can be counted, and not everything that can be counted counts” Einstein


Confidence is the feeling a person has before he fully understands the situation


The people who mind don’t matter, and the people who matter don’t mind


“What lies before us and what lies behind us are but tiny matters compared to what lie within us”  Oliver Wendell Holmes


“Opportunity is missed by most people because it is dressed in overalls and looks like work”  Thomas Edison


“The big money is not in the buying or selling but in the waiting”  Jesse Livermore


John Kenneth Galbraith memorably putting down his fellow economist Milton Friedman, saying: “Milton’s misfortune was that his policies have been tried”


“Show me the incentive and I will show you the outcome”  Charlie Munger


“Extroverts get their exercise jumping to conclusions”  Barnett Helzberg


“The difference between successful people and very successful people is that the very successful people say no to almost everything”  Warren Buffet


“A mine is a hold in the ground with a liar standing next to it”  Mark Twain


“The difference between genius and stupidity is that genius has its limits” attributed to Einstein


Lots of elegant theories get mugged by reality


“The central lesson of Government behaviour is un-intended consequences, and the stronger the Government behaviour the greater the likelihood of significant un-intended consequences”  John Gilbert


“One of the most useful things I’ve learned over the years is to remember that if you don’t know what is going to happen, don’t structure your [investment] portfolio as though you do!”  James Montier


“Our skill is knowing the edge of our own competency.  It’s not a competency if you don’t know the edge of it”  Charlie Munger on only investing in things they understand


Sales are vanity, profits are sanity and cash is reality


“When you are one step ahead of the crowd you’re a genius.  When you’re two steps ahead, you’re a crackpot”  Rabbi Shlomo Riskin


“The only valid political system is one that can handle an imbecile in power without suffering from it”  Nassim Taleb on politics


“Business is about judgement and resilience”  Dave O’Flynn


“To be excellent you have to be consistent.  When you’re consistent you’re vulnerable to attack.  Yes, it’s a paradox, now deal with it”  Tom Peters on business.


“Curiosity is the engine of civilisation”  Peter Cundill


“Man’s tragedy is that when he can do something, in the end he will always do it”  Jacques Attali


“Good traders liquidate when they are wrong, great traders reverse when they are wrong”  Jack Schwager


“The only function of economic forecasting is to make astrology respectable”  John Kenneth Galbraith


“The mind, like nature, abhors a vacuum”  Victor Hugo on our tendency to rationalize everything


“Emphasising what’s in your control allows you to adopt an attitude of equanimity toward luck.  You’ve done what you can, and from there you have to live with the results – good or bad”  Michael Mauboussin


“The main thing is to keep the main thing the main thing”  Stephen Covey


“Never argue with stupid people, they will drag you down to their level and beat you with experience”  Mark Twain



  1. What you want to do
  2. What’s true
  3. What you are going to do about it

……………………………………………………………………..Ray Dalio on getting things done


“Live every day like it is your last and learn everyday like you will live forever”  Gandhi


You are better than no one and no one is better than you


If you throw mud you lose ground


Don’t make promises you can’t keep


If there is no wind, row


“I was seldom able to see an opportunity until it had ceased to be one”  Mark Twain


“No one can make you feel inferior without your consent”  Eleanor Roosevelt


“In flying, I have learned that carelessness and over confidence are usually far more dangerous than deliberately accepted risks”  Wilbur Wright in a letter to his father


“To speak ill of others is a dishonest way of praising ourselves”  Will Durant


“In a sense language is a museum of ignorance”  Edward de Bono explaining how words and concepts entered our language at a stage of relevant ignorance compared to present experience


“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong”  Thomas Sowell


When you multiply your possessions you multiply your cares


“We don’t like trading agony for money”  Charlie Munger


“Circumstances don’t make a person, they reveal him or her”  Richard Carlson


“The field won’t get turned over in your head”  Stephen Holland


“When they are talking they are lying and when they are quiet they are stealing”  Charlie Munger on crooks


“You cannot step in the same river twice”  Heraclitus


Introverts are “geared to inspect”, while extroverts are “geared to respond”  Susan Cain


“Be yourself, everyone else is taken”  Oscar Wilde


If you think education is expensive, try ignorance!


“It is not from the benevolence of the butcher, the brewer or the baker that we can expect our dinner, but from their regard to their own interests”  Adam Smith


“If you look for truth you may find comfort in the end; if you look for comfort you will not get either comfort or truth, only soft soap and wishful thinking to begin, and in the end, despair”  CS Lewis on facing reality


“Anyone who isn’t confused doesn’t understand the situation”  Edward R Murrow


“Vision is the art of seeing what is invisible to others”  Jonathan Swift


Practice “the intelligent bearing of risk for profit”  Howard Marks on investing


“Every Aussie loves to buy a house and if he doesn’t have one, he has two”  Michael Smith as CEO of ANZ


In the book Yoga Wisdom @ Work, authors Maren and Jamie Showkier suggest we ask ourselves the following four questions before we open our mouth:

  1. Is it true?
  2. Is it necessary?
  3. Is it kind?
  4. Does it improve upon the silence?  (THINK – True, Helpful, Improves upon the silence, Necessary & Kind)

“The truth is rarely pure and never simple”  Oscar Wilde


“The two most powerful warriors are patience and time”  Tolstoy


“Speak when you are angry and you will make the best speech you will ever regret”  Ambrose Bierce


For the want of a nail – he lost his shoe / for the want of a shoe – he lost his horse / for the want of a horse – he lost the war


“Nothing in nature takes more than it needs”  Tom Shadyac


“We will open this book.  Its pages are blank.  Wee going to put words on them ourselves.  The book is called Opportunity and its first chapter is called Ney Years Day”  Edith Lovejoy Pierce


“Every now and then, markets are overtaken by an urge to rethink risk”  John Plender


“It takes character to sit there with all that cash and do nothing.  I didn’t get to where I am by going after mediocre opportunities”  Charlie Munger


“We’re only as good as the people who come to work with us.  The great Ahmet Ertegun, who was one of the legends of the music industry, was once asked, what’s the secret to show business and he said ‘when you bump into a genius hold on tight’ ”  Richard Plepler, CEO HBO


“Rational people don’t actually try to bear uncompensated risks”  Jim Grant


“Sacred cows make the best hamburger”  Mark Twain


Talk less and say more


When there is nothing to say, don’t be saying it


Don’t waste the only asset you can never recover which is time…


“It takes considerable knowledge just to realise the extent of your own ignorance”  Thomas Sowell


“People who enjoy meetings should not be in charge of anything”  Thomas Sowell


“Perfection of means and confusion of ends seems to characterise our age”  Einstein


“Definition is the death of discovery”  Tom Shadyac


Hope is not a strategy.  But it is a good frame of mind.


There are two things in this life, a result and a story.


Offer it up.  Let it go, not let it rip.


Be data driven – not opinion driven.


If you want to run with the pack, you can’t pee like a puppy.


Appreciate the value of both dissonance and resonance.  In feedback dissonance trumps resonance.


Good question: “If not now, then when?  If not me, the who? Ebeling, inventor of the Eywriter


“Battles are won by concentrating on the decisive point in space and time” John Dizard, FT 28/4/14


“Climb the mountain not to plant your flag, but to embrace the challenge, enjoy the air, and behold the view. Climb it so you can see the world, no so the world can see you” David McCullogh graduation speech.


“Only one grain of sand gets through the hourglass at a time” Stephen Holland


“Our job is not to see what lies dimly in the distance but to do what is clearly at hand”


In 1930 “Red” Motley said nothing happens until somebody sells something.


Charlie Munger – The difficulty with being slow is that you are dead before it’s finished.


Remember context dependency and the fallacy of isolation


“There is nothing so useless as doing efficiently that which should not be done at all” Drucker


“Thinking is rehearsing” Sigmund Freud making the point that you need to act to get things done.


“I’d rather be a failure at something I love then a success at something I hate” George Berns- Lived to be 100


Confidence is the feeling you have before you don’t understand the situation.


Ben Franklin would “rather go to be supper-less than rise in debt”


“It is far easier to critique than to create”  Laurence Endersen


“His thoughts were slow, his words were few

and they were never made to glisten

But he was a joy to all his friends-

You should have heard him listen”  Quoted by Wayne Mackey in Oklahoma City Times


“A  teacher effects eternity.  He can never tell where his influence stops.”  Henry Adams


“Markets are inefficient because of human behaviour – innate, deep-rooted, and permanent.  People do not consciously choose to invest accorting to their emotions – they simply cannot help it”  Seth Klarman


“We cannot spend the day in explanation” Emerson


“We must either wear out or rust out, every one of us.  My choice is to wear out” Theodore Roosevelt


On customer research, Henry Ford remarked that if he had consulted his customers they would have looked for a faster horse.


There is nothing so useless as doing efficiently that which should not be done at all.


“Every sin is the result of a collaboration”  Seneca


“We have two classes of forecasters: Those who don’t know – and those who don’t know they don’t know” John Kenneth Galbraith


“Not everything that counts can be counted and not everything that can be counted counts” Albert Einstein


“Assembling a portfolio that incorporates risk control as well as the potential for gains is a great accomplishment.  But it’s a hidden accomplishment most of the time, since risk only turns into loss occasionally…when the tide goes out.”  Howard Marks on assembling an investment portfolio, adding, “thus the key pre-requisite for risk control also includes humility, lack of hubris, and knowing what you don’t know”.


Other Marks quotes:

“Whereas risk control is indispensible, risk avoidance isn’t an appropriate goal”

“Never say never and never say always”


“You can’t fight the undeniable destiny of demographics”  L Endersen


“An unhurried sense of time is in itself a form of wealth”  Bonnie Friedman


“Our life is frittered away by detail”  Thoreau


“Our houses are cluttered and defiled with furniture.  I would rather sit in the open air, for no dust gathers on the grass”. Thoreau


“An optimist is simply a pro-active realist” Vera Nazarian


“The meaning of life is made not found” Robert Holden


“If you stay rational yourself…the stupidity of the world helps you”   Charlie Munger


“I think we have a temperamental advantage: Warren and I know better than most people what we know and what we don’t know”  Charlie Munger


Successful investing requires this “crazy combination of gumption and patience”  Charlie Munger


“Believe those who are seeking the truth.  Doubt those who find it”  Andre Gide


There are no second chances in life, except to feel remorse !!


“We cannot judge another’s point of view until we have seen it” NJ Berrill


“By all outward appearances our life is a spark of light between one eternal darkness and another”  Alan Watts


“However long postponed, everything composed must decompose” Alan Watts


“We made the wrong mistakes” Yogi Berra


“That time bomb called stability” Nassim Taleb


“Objectives are not fate, they are direction”  Peter Drucker


“Blessed is he who has found his work” Vincent van Gough in a letter to his brother


“It is the recipient who communicates.  Unless there is someone who hears, there is no communication”  Peter Drucker


“Many of life’s failures are people who did not realise how close they were to success when the gave up”  Thomas Edison


“The single biggest problem in communication is the illusion that it has taken place”  George Bernard Shaw


“Find what you love and let it kill you”  James Rhodes, British Classical Pianist


“Tis too late to be ambitious…The night of time has surpassed the day, and who knows when was the equinox”  Sir Thomas Brown, in a 1685 essay on mortality


“Hatch, Match & Despatch”  The events that bring families together..


“..give the illusion of progress through hyperactivity”  Colonel Millard speaking about a quango


“The only completely consistent people are dead”   Aldous Huxley


“A book must be the axe for the frozen sea within us”  Franz Kafka


“Consumption without creation is all too common”  L Endersen


“No man is an island, entire of itself…Each man’s death diminishes me / For I am involved in mankind”  John Donne in Meditation 17


“I am part of this story…this story of life and death” L Endersen


“I don’t know how I got into this. I have no ideas and I’m not sure where to begin.  My guess is that Roy Price will regret this”  Woody Allen on being granted a film deal from Roy Price at Amazon


“The trick is, when there’s nothing to do, do nothing”  Warren Buffett


“Two persons cannot long be friends if they cannot forgive each other’s little failings”  Jean de la Bruyere, 17th century philosopher.


“Generosity lies less in giving much than in giving at the right moment” also by Jean de la Bruyere


“Writing is an adventure.  To begin with, it is a toy and an amusement.  Then it becomes a mistress, then it becomes a master, then it becomes a tyrant.  The last phase is that just as you are about to be reconciled to your servitude, you kill the master and fling it to the public”  Winston Churchill


“I need to remember that wonder doesn’t require a passport, it only requires your attention”  Kate Gross (extract from Late Fragments)


“Think where man’s glory most begins and ends, And say my glory was that I had such friends”  Yeats