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Things Smart People Said

Trust everybody, but cut the cards. - Finley Peter Dunne

Prices fluctuate more than values – so therein lies opportunity. - Joel Greenblatt

I skate to where the puck is going to be, not to where it has been. - Wayne Gretzky

This bloody past suggests to us that enemies cease hostilities only when they are battered enough to acknowledge that there is no hope in victory - and thus that further resistance means only useless sacrifice. - Victor Davis Hanson

One of the foundations of our American civilization is equality of opportunity, which presupposes the right of each man to enjoy the fruits of his labor after contributing his fair share to the government, which protects him and his property. But that is a very different matter from confiscating a part of his wealth, not because the country requires it for the prosecution of a war or some other purpose, but because he seems to have more money than he needs. - Andrew Mellon

No one starts out with the answers. You figure them out as you go and you learn from the people who figured them out before you. - Andrew Klavan

A great deal of intelligence can be invested in ignorance when the need for illusion is deep. - Saul Bellow

Keep your eye clear, and hit 'em where they ain't. - Willie Keeler

Many shall be restored that now are fallen and many shall fall that now are in honor. - Quintus Horatius Flaccus

Reversion to the mean is the iron rule of financial markets. - Jack Bogle

God left one commandment out of the Bible. Perhaps the Almighty delivered this commandment to Moses but Moses forgot to bring it down from the mountain. That commandment is Number Eleven: Be strong. - David Ben-Gurion

Freedom is the oxygen of the soul. - Moshe Dayan

Keep your rifle clean and kill your man before he kills you. - Orde Charles Wingate

If I had an hour to solve a problem and my life depended on it, I would use the first 55 minutes determining the proper question to ask, for once I knew the proper question, I could solve the problem in less than five minutes. - Albert Einstein

The first inalienable right of human nature is self-preservation. - Kyle Bass

Tell me something that’s true that nobody agrees with. - Peter Thiel

There is not a truth existing which I fear or would wish unknown to the whole world. - Thomas Jefferson

If you want to reach your goals and dreams, you cannot do it without discipline. - Lee Kuan Yew

If you do something and it turns out pretty good, then you should go do something else wonderful, not dwell on it for too long. Just figure out what’s next. - Steve Jobs

I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting there and trying to dream it up all yourself. Nobody’s that smart. - Charlie Munger

We act like owners. We focus on very few companies. We try and know what you can know. We try and only buy a few companies which we believe have been built to last in all environments. We recognize that you only need a few good ideas in a lifetime to be fabulously wealthy…. We’re always trying to wonder what can go wrong. We’re very focused on the downside. - Bruce Berkowitz

If it’s very complicated and you don’t understand it, maybe you shouldn’t buy it. - Harry Markowitz

Price is what you pay; value is what you get. - Ben Graham

Value investing is at its core the marriage of a contrarian streak and a calculator. - Seth Klarman