“Instead of a discussion of risk (which is both predictive and sissy) I advocate the notion of fragility, which is not predictive—and, unli...

"As I've gotten older...I could not help but notice the effect on people of the stories they told about themselves. If you listen ...

Information Regarding the 2020 Berkshire Hathaway Annual Shareholders Meeting ( LINK ) Warren Buffett may have ditched airline stocks and ...

Charlie Munger: ‘The Phone Is Not Ringing Off the Hook’ ( LINK ) "The Practice of Value Investing" by Li Lu (November 2019 speec...

"Stocks got much cheaper in 1974 than they are now [in May 2009]. But you were also facing a different interest rate scenario. So you ...

Jamie Dimon's 2019 Letter to Shareholders ( LINK ) Coronavirus and Credibility - by Paul Graham ( LINK ) The Bare Necessities You N...

"I think it’s hugely a mistake to think only about your probable misfortunes. You should also think about what’s good about your situa...

Keeping the Coronavirus from Infecting Health-Care Workers - by Atul Gawande ( LINK ) Why the Coronavirus Has Been So Successful - by Ed Y...

"In the main, therefore, slumps are experiences to be lived through and survived with as much equanimity and patience as possible. Adv...

What Benjamin Graham Would Tell You to Do Now: Look in the Mirror - Jason Zweig ($) ( LINK ) The great investors and extreme volatility (...

"Our approach is really to try and learn vicariously. But there’s a lot of mistakes that I’ve repeated, I can tell you that. The bigge...

Howard Marks on investor psychology during coronavirus fears (video) ( LINK ) How to Write Usefully - by Paul Graham ( LINK ) 100 Little...

"The basic reason for the cyclicality in our world is the involvement of humans. Mechanical things can go in a straight line. Time mov...

"One can see the investment universe as full of certainties, or one can see it as replete with probabilities. Those who reflect and he...

I released my year-end letter over the weekend. For those not yet on that email list , you can find it at this link:  Sorfis 2019 Year-End L...

"When Charlie and I ran funds, we didn’t worry about whether something was up or down. We worried about what it was worth compared to ...

"When we own stock, we are not there to try and change people. Our luck in changing them is very low, anyway. In fact, Charlie and I h...

"I would argue that differing people learn in differing ways. With me, I was put together by nature to learn from reading. If some guy...

"I'm not saying there's no such thing as genius. But if you're trying to choose between two theories and one gives you an ...

The Bus Ticket Theory of Genius - by Paul Graham ( LINK ) It’s Slow Going, but Stuff Like Wheat and Oil Can Spice Up Your Returns - by Jas...