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“Ressentiment is a self-poisoning of the mind which has quite definite causes and consequences. It is a lasting mental attitude, caused by the systematic repression of certain emotions and affects which, as such are normal components of human nature. Their repression leads to the constant tendency to indulge in certain kinds of value delusions and corresponding value judgments. The emotions and affects primarily concerned are revenge, hatred, malice, envy, the impulse to detract, and spite.”

“The big picture is: the main thing you should be concerned about in the future are incremental returns on capital going forward. As it turns out, past history of a good return on capital is a good proxy for this but obviously not foolproof. I think this is an area where thoughtful analysis can add value to any simple ranking/screening strategy such as the magic formula. When doing in depth analysis of companies, I care very much about long term earnings power, not necessarily so much about the volatility of that earnings power but about my certainty of "normal" earnings power over time.”

“Climate has always changed. It always has and always will. Sea level has always changed. Ice sheets come and go. Life always changes. Extinctions of life are normal. Planet Earth is dynamic and evolving. Climate changes are cyclical and random. Through the eyes of a geologist, I would be really concerned if there were no change to Earth over time. In the light of large rapid natural climate changes, just how much do humans really change climate?”

“The Republican establishment, the Democrat establishment agree and accept that the media is an equal player in the ruling class. Trump has blown all of that out the window. As such, the normal ways that people in politics are controlled, the normal way that people are contained - the ways people are promoted, punished, destroyed, what have you - are all out the window where Trump is concerned. And therefore the media is considered by the ruling class to be one of the great leveling factors.”