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Valuation Discipline
Benjamin Graham
The margin of safety is always dependent on the price paid.
Value Investing
Seth A. Klarman
Value investing lies at the intersection of economics and psychology.
Emotional Discipline
Walter Schloss
Fear and greed are probably the worst emotions to have in connection with the purchase and sale of stocks.
Valuation discipline
Aswath Damodaran
A good valuation is a bridge between story and numbers.
Uncertainty and risk management
Peter L. Bernstein
The fundamental law of investing is the uncertainty of the future.
Patience and compounding
Charlie Munger
The big money is not in the buying and selling, but in the waiting.
Trend following and market turning points
George Soros
Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.
Market Cycles
Howard Marks
In the end, trees don't grow to the sky, and few things go to zero.
Costs and compounding
John C. Bogle
You get precisely what you don't pay for.
Risk management and position sizing
Richard Dennis
Trade small because that's when you are as bad as you are ever going to be. Learn from your mistakes.
Know What You Own
Peter Lynch
If you can't explain to a 10-year-old in two minutes or less why you own a stock, you shouldn't own it.
Market psychology and second-order thinking
John Maynard Keynes
We devote our intelligences to anticipating what average opinion expects the average opinion to be.
Risk Management
Paul Tudor Jones
Don't focus on making money; focus on protecting what you have.
Risk management and exit discipline
Bruce Kovner
I know where I'm getting out before I get in.
Risk, leverage, and market cycles
Warren Buffett
After all, you only find out who is swimming naked when the tide goes out.
Liquidity and market cycles
Stanley Druckenmiller
over the intermediate term liquidity moves markets much, much more than earnings do.
Diversification and discipline
Ray Dalio
For that reason, I believe that for most investors managing their own portfolios, investing should be done with little or no market timing.
Trading Through Uncertainty
Louis Bacon
As a speculator you must embrace disorder and chaos.