Dr. Babasaheb Ambedkar: Fundamental rights

English: Dr. Ambedkar as Barrister after he wa...

Dr. Ambedkar as Barrister after he was conferred the Honour. (Photo credit: Wikipedia)

“If a person who is unemployed is offered a choice between a job of some sort, with some sort of wages, with no fixed hours of labour and with an interdict on joining a union and the exercise of his right to freedom of speech, association, religion, etc., can there be any doubt as to what his choice will be? The fear of starvation, the fear of losing a house, the fear of losing savings if any… are factors too strong to permit a man to stand out for his Fundamental Rights.”
—Dr. Babasaheb Ambedkar.

Christopher Dodd: Legislation

WASHINGTON - SEPTEMBER 22:  Senate Banking Com...

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“We can’t legislate wisdom or passion. We can’t legislate competency. All we can do is create the structures and hope that good people will be appointed who will attract other good people.”

Senator Christopher Dodd, trying to justify the expanded discretionary power given to regulators to constrain excesses in the financial services industry.

Warren Buffett: Unwisely retained

Bonds and Dividends

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“Since the long-term corporate outlook changes only infrequently, dividend patterns should change no more often. But over time distributable earnings that have been withheld by managers should earn their keep. If earnings have been unwisely retained, it is likely that managers, too, have been unwisely retained.” – Warren Buffett

Unknown: Tax on the poor

Inflation is a tax on the poor.

Warren Buffett: Large doses of effortless money

Warren Buffett with Fisher College of Business...

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“The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money.” Warren Buffett

Jim Collins: Great nation

In Search of Light

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If we only have great companies, we will merely have a prosperous society, not a great one. Economic growth and power are the means, not the definition, of a great nation.

– Jim Collins


Jeremy Grantham: Volatility

Volatility is a symptom that people have no idea of the underlying value – that they have stopped playing the asset game. They’re not buying because it’s a company with certain attributes. They’re buying because the price is rising.” Jeremy Grantham.

Warren Buffett: Pin lies in wait for every bubble


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“A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street – a community in which quality control is not prized – will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.” Warren Buffett.

Warren Buffett: Impious

“Questioning GAAP figures may seem impious to some. After all, what are we paying the accountants for if it is not to deliver us the “truth” about our business. But the accountants’ job is to record, not to evaluate. The evaluation job falls to investors and managers.” Warren Buffett.

Warren Buffett: Durability of competitive advantage

Alice Schroeder with Warren Buffett.

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“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage” Warren Buffett

Anonymous: Remain competitive

A typical Wal-Mart discount department store i...

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“We should remain competitive by paying less than our competitors.”

– Anonymous.

Benjamin Graham: Good hard look from time to time

“Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies’ performance like a hawk; but he should give it a good, hard look from time to time.” – Benjamin Graham.

Warren Buffett: Thinking against polling

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“…a business or stock is not an intelligent purchase simply because it is unpopular; a contrarian approach is just as foolish as a follow-the-crowd strategy. What’s required is thinking rather than polling. Unfortunately, Bertrand Russell‘s observation about life in general applies with unusual force in the financial world: ‘Most men would rather die than think. Many do.” Warren Buffett

Warren Buffett: Intelligent answer to questions

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You ought to be able to explain why you’re taking the job you’re taking, why you’re making the investment you’re making, or whatever it may be. And if it can’t stand applying pencil to paper, you’d better think it through some more. And if you can’t write an intelligent answer to those questions, don’t do it.” Warren Buffett.

Peter Lynch: Relatively predictable over twenty years

“Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they’re going to be higher or lower in two to three years, you might as well flip a coin to decide.” Peter Lynch.

Warren Buffett: Long-term competitive advantage

“Long-term competitive advantage in a stable industry is what we seek in a business. If that comes with rapid organic growth, great. But even without organic growth, such a business is rewarding. We will simply take the lush earnings of the business and use them to buy similar businesses elsewhere.” Warren Buffett

Warren Buffett: Delayed recognition

“The speed at which a business success is recognized, furthermore, is not that important as long as the company’s intrinsic value is increasing at a satisfactory rate. In fact, delayed recognition can be an advantage: It may give us the chance to buy more of a good thing at a bargain price.” Warren Buffett

English: Jing Ulrich and Warren Buffett.

English: Jing Ulrich and Warren Buffett. (Photo credit: Wikipedia)

Benjamin Graham: Mathematics

Benjamin Graham

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“In the stock market the more elaborate and abstruse the mathematics the more uncertain and speculative are the conclusions we draw there from.” Benjamin Graham

Warren Buffett: Fourth Law of Motion

“Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac’s talents didn’t extend to investing: He lost a bundle in the South Sea Bubble, explaining later, ‘I can calculate the movement of the stars, but not the madness of men.’ If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.” Warren Buffett

Warren Buffett: Uncertainty

“An argument is made that there are just too many question marks about the near future; wouldn’t it be better to wait until things clear up a bit?…face up to two unpleasant facts: The future is never clear [and] you pay a very high price for a cheery consensus. Uncertainty actually is the friend of the buyer of long term values.” Warren Buffett

John M. Longo (center) presenting Warren Buffe...

John M. Longo (center) presenting Warren Buffett with a gift on behalf of Rutgers Business School. (Photo credit: Wikipedia)

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John Bogle: Consequences

Bogle on the cover of Common Sense on Mutual Funds

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“Investing isn’t just about probabilities. It’s about consequences, and you’ve got to be prepared for them.” John Bogle

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Warren Buffett: Re-election and legislation

“Legislators will correctly perceive that either raising taxes or cutting expenditures will threaten their re-election. To avoid this fate, they can opt for high rates of inflation, which never require a recorded vote and cannot be attributed to a specific action that any elected official takes.” Warren Buffett

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