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“I like to say, “Experience is what you got when you didn’t get what you wanted.”
― Howard Marks, The Most Important Thing Illuminated: Uncommon Sense for the Thoughtful Investor

“What the wise man does in the beginning, the fool does in the end.”
― Howard Marks, Mastering The Market Cycle: Getting the odds on your side

“Talk little, do much, and be more than you appear to be.”
― Helmuth Graf von Moltke

“Warren Buffett, quoting Henry Ford, often talks about the importance of keeping all your eggs in one basket, then watching that basket very carefully. One thing that appalled me and that I’d seen too many times was the Wall Street practice of having many eggs in many baskets. Even the most reputable mutual fund companies have a practice of selling multiple funds. The ones that do well are those that then get the marketing dollars and raise more money from investors. The ones that do poorly are either shut down or merged into the better-performing funds. In the process, the failures are buried as if they’d never existed while”
― Guy Spier, The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment