"It’s pretty hard in a declining business to buy things cheap enough to compensate for the decline." --Warren Buffett ( 2006 )  ...

"Study the past, if you would divine the future." --Confucius  Berkshire Hathaway Reduces Home Capital Investment ( LINK ) ...

As most readers of this blog will know, Howard Marks' new book,  Mastering the Market Cycle , was released today. Winning It Back - by...

"First, define your own circle of competence with intellectual honesty. You have to know what you don’t know to determine what you kno...

"We tend to go into businesses that inherently are low-risk, and are capitalized in a way that that low risk of the business is transf...

From Leonardo da Vinci by Walter Isaacson : What made Leonardo a genius, what set him apart from people who are merely extraordinarily s...

From Leonardo da Vinci by Walter Isaacson : When Leonardo was painting The Last Supper , spectators would visit and sit quietly just so ...

​Value Investor Klarman Watching for Stumbles Among ‘Unicorns’ ( LINK ) [And if anyone happens to have a copy of Klarman's letter that t...

"It seems [Fred] Wilson was correct that software alone is a commodity. In the language of legendary investor Warren Buffett, pure so...

From Leonardo da Vinci by Walter Isaacson : CURIOSITY AND OBSERVATION    In addition to his instinct for discerning patterns across d...

“Those who are in love with practice without theoretical knowledge are like the sailor who goes onto a ship without rudder or compass and w...

"Obviously the stock market is quite irrational in thus varying its valuation of a company proportionately with the temporary changes ...

CNBC's full interview with Liberty Media's John Malone (video) [H/T Will] ( LINK ) One of tech's most successful investors say...

Asking the Right Questions ( LINK ) The smaller the company and the more illiquid its currency, the more the investment process becomes an...

Link to video .......... Related book:  Leonardo da Vinci

"Forget everything else. Keep hold of this alone and remember it: Each one of us lives only now, this brief instant. The rest has been...

"The struggle ends when gratitude begins." -Neale Donald Walsch [H/T Ferriss ] "For me, Benjamin Franklin and Leonardo d...

The Lessons of Leonardo: How to Be a Creative Genius - by Walter Isaacson ( LINK ) Related book: Leonardo da Vinci Warren Buffett’s “2 L...

Joel Tillinghast Finds Big Returns in Small Stocks ($) ( LINK ) Related book:  Big Money Thinks Small: Biases, Blind Spots, and Smarter In...

"It is a deeply held conviction within economics that our world can be reduced to models that are founded on the solid ground of axiom...