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“Four things belong to a judge: to hear courteously, to answer wisely, to consider soberly, and to decide impartially.”

“People are said to believe in God, or to disbelieve in Adam and Eve. But in such cases what is believed or disbelieved is that there is an entity answering a certain description. This, which can be believed or disbelieved is quite different from the actual entity (if any) which does answer the description. Thus the matter of belief is, in all cases, different in kind from the matter of sensation or presentation, and error is in no way analogous to hallucination. A hallucination is a fact, not an error; what is erroneous is a judgment based upon it.”

“We should stop looking to law to provide the final answer.... Law cannot save us from ourselves.... We have to go out and try to accomplish our goals and resolve disagreements by doing what we think is right. That energy and resourcefulness, not millions of legal cubicles, is what was great about America. Let judgment and personal conviction be important again.”

“It is not a slight thing, gentlemen, to force a man to say what he is, or what he believes himself to be; for that supreme word of man, that single expression which he utters of and upon himself is decisive. It lays down the basis upon which all judgment of him is to be formed. From that moment all the acts of his life must correspond to the answer given by him.”

“To know whether you can trust a particular intuitive judgment, there are two questions you should ask: Is the environment in which the judgment is made sufficiently regular to enable predictions from the available evidence? The answer is yes for diagnosticians, no for stock pickers. Do the professionals have an adequate opportunity to learn the cues and the regularities? The answer here depends on the professionals' experience and on the quality and speed with which they discover their mistakes.”

“It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.”