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Loss Quotes

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“The farmer and the farm, like "the environment," are looked upon, for example, as means to offset trade deficits. The farm is a place where we can externalize costs. The cost of pesticides to the farmer and the cost of the pesticides to the soil and groundwater are regarded similarly by the public: "a serious problem that something ought to be done about." But the problem is more fundamental than this glib statement would indicate, for soil pollution is an expense of production. So are pesticides and nitrates in our farm wells. So is the loss of farmers from the land.”

“Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.”

“The Creator has not thought proper to mark those in the forehead who are of stuff to make good generals. We are first, therefore, to seek them blindfold, and then let them learn the trade at the expense of great losses.”