Dennis Nehrenheim > Dennis's Quotes

“Everyone holds his fortune in his own hands, like a sculptor the raw material he will fashion into a figure. But it’s the same with that type of artistic activity as with all others: We are merely born with the capability to do it. The skill to mold the material into what we want must be learned and attentively cultivated.”
― Goethe, Johann Wolfgang von

“Into the hands of every individual is given a marvelous power for good or evil---the silent, unconscious, unseen influence of his life. This is simply the radiation of what man really is, not what he pretends to be.”
― William George Jordan

“Above all else, I want you to think for yourself, to decide 1) what you want, 2) what is true and 3) what to do about it”
― Ray Dalio, Principles: Summary

“Making money in the markets is tough. The brilliant trader and investor Bernard Baruch put it well when he said, “If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.” In retrospect, the mistakes that led to my crash seemed embarrassingly obvious. First, I had been wildly overconfident and had let my emotions get the better of me. I learned (again) that no matter how much I knew and how hard I worked, I could never be certain enough to proclaim things like what I’d said on Wall $ treet Week: “There’ll be no soft landing. I can say that with absolute certainty, because I know how markets work.” I am still shocked and embarrassed by how arrogant I was. Second, I again saw the value of studying history. What had happened, after all, was “another one of those.” I should have realized that debts denominated in one’s own currency can be successfully restructured with the government’s help, and that when central banks simultaneously provide stimulus (as they did in March 1932, at the low point of the Great Depression, and as they did again in 1982), inflation and deflation can be balanced against each other. As in 1971, I had failed to recognize the lessons of history. Realizing that led me to try to make sense of all movements in all major economies and markets going back a hundred years and to come up with carefully tested decision-making principles that are timeless and universal. Third, I was reminded of how difficult it is to time markets. My long-term estimates of equilibrium levels were not reliable enough to bet on; too many things could happen between the time I placed my bets and the time (if ever) that my estimates were reached. Staring at these failings, I realized that if I was going to move forward without a high likelihood of getting whacked again, I would have to look at myself objectively and change—starting by learning a better way of handling the natural aggressiveness I’ve always shown in going after what I wanted. Imagine that in order to have a great life you have to cross a dangerous jungle. You can stay safe where you are and have an ordinary life, or you can risk crossing the jungle to have a terrific life. How would you approach that choice? Take a moment to think about it because it is the sort of choice that, in one form or another, we all have to make.”
― Ray Dalio, Principles: Life and Work

“Your visions will become clear only when you can look into your own heart. Who looks outside, dreams; who looks inside, awakes.”
― C.G. Jung

“The process may seem strange and yet it is very true. I did not so much gain the knowledge of things by the words, as words by the experience I had of things.”
― Plutarch

“Learn the rules like a pro, so you can break them like an artist.”
― Pablo Picasso

“One man cannot do right in one department of life whilst he is occupied in doing wrong in any other department. Life is one indivisible whole”
― Mahatma Gandhi

“Indeed the safest road to Hell is the gradual one--the gentle slope, soft underfoot, without sudden turnings, without milestones, without signposts,...Your affectionate uncle, Screwtape.”
― C.S. Lewis, The Screwtape Letters

“It is based, however, on a convenient fiction: most reasons are after-the-fact rationalizations. Still, this fictional use of reasons plays a central role in human interactions, from the most trivial to the most dramatic.”
― Hugo Mercier, The Enigma of Reason: A New Theory of Human Understanding

“The chains of habit are too weak to be felt until they are too strong to be broken.”
― Samuel Johnson

“Life swings like a pendulum backward and forward between pain and boredom.”
― Arthur Schopenhauer

“In the middle of the journey of our life I came to myself within a dark wood where the straight way was lost. Ah, how hard a thing it is to tell what a wild, and rough, and stubborn wood this was, which in my thought renews the fear!”
― Dante Alighieri, The Divine Comedy: Inferno - Purgatorio - Paradiso