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February 1, 2018 - February 28, 2019
Some men wrest a living from nature and with their hands; this is called work. Some men wrest a living from those who wrest a living from nature and with their hands; this is called trade. Some men wrest a living from those who wrest a living from those who wrest a living from nature and with their hands; this is called finance.
Investing is all about the long-term ownership of businesses.
For me, simplicity has always been the key to successful investing,
When confronted with multiple solutions to a problem, choose the simplest one.10
Not everything that counts can be counted, and not everything that can be counted counts.
No business can trust everything and count nothing. Nor can any business count everything and trust nothing.
“It’s amazing how difficult it is for a man to understand something if he’s paid a small fortune not to understand it.”
CEO compensation might be based on corporate earnings growth, corporate cash flow (even better, for it is far more difficult to manipulate), dividend growth (ditto), and return on corporate capital relative to peers and relative to corporations as a group (say, the S&P 500).
The manager administers; the leader innovates.
The manager imitates; the leader originates.
The manager accepts the status quo; the leader challenges it.
Building a great organization demands finding the right words to communicate the best ideas and the highest ideals, words that convey purpose and passion and vision.
Nothing in the world can take the place of persistence. Talent will not;nothing is more common than unsuccessful men with talent.
