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“A realistic definition of risk recognizes the potential loss of capital through inflation and taxes, and would include at least the following two factors: The probability that the investment you chose will preserve your capital over the time you intend to invest your funds. The probability the investments you select will outperform alternative investments for this period.”

“Perhaps more than anything else, failure to recognize the precariousness and fickleness of confidence - especially in cases in which large short-term debts need to be rolled over continuously - is the key factor that gives rise to the this-time-is-different syndrome. Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang! - confidence collapses, lenders disappear, and a crisis hits.”

“Ang [Lee] gave us a lot of books about cowboys who had been gay or stories about it and all that stuff. And I just talked to a lot of my friends - who [was] their first, particularly same-sex, first situation. That was fascinating to me - trying to learn what that was in a certain period of time. Certain age. The secrecy involved in it. All those things.”

“It's as interesting to me as someday getting to play in some beautiful period piece where the costumes are from a completely different era. This feels as extreme as that, and that's really liberating. It's really liberating to just go 180 from what my life is like. I love that! I love not having to think about clothes. I wanted to wear a uniform when I was in high school, but I couldn't. I was like, "It would be so much easier!"”

“When we were negotiating the ongoing financial period in 2013, I talked myself hoarse. London and Berlin in particular insisted on reducing the budget. So we - to the applause of German journalists - made cuts to central future-oriented areas and slashed the budget for development aid, research and technology.”

“Value investing strategies have worked for years and everyone's known about them. They continue to work because it's hard for people to do, for two main reasons. First, the companies that show up on the screens can be scary and not doing so well, so people find them difficult to buy. Second, there can be one-, two- or three-year periods when a strategy like this doesn't work. Most people aren't capable of sticking it out through that.”

“The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.”

“Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess at what a 90-day option might be worth. But the minute you get into longer periods of time, it's crazy to get into Black-Scholes. For example, at Costco we issued stock options with strike prices of $30 and $60, and Black-Scholes valued the $60 ones higher. This is insane.”

“I think most comedians go through that (period), where you have to change or evolve. You don't want to just keep doing variations on the same themes. And, besides, it would look kinda creepy for a guy my age to be doing stuff that, like, a 20-year-old would do. 'Yeah, this is bullshit!' It's, like, 'Really? You don't have bigger concerns at this point in your life?'”

“The truth of literature and art has always been granted (if it was granted at all) as one of a "higher" order, which should not and indeed did not disturb the order of business. What has changed in the contemporary period is the difference between the two orders and their truths. The absorbent power of society depletes the artistic dimension by assimilating its antagonistic contents. In the realm of culture, the new totalitarianism manifests itself precisely in a harmonizing pluralism, where the most contradictory works and truths peacefully coexist in indifference.”

“It has always seemed to me that the only painless death must be that which takes the intelligence by violent surprise and from the rear so to speak since if death be anything at all beyond a brief and peculiar emotional state of the bereaved it must be a brief and likewise peculiar state of the subject as well and if aught can be more painful to any intelligence above that of a child or an idiot than a slow and gradual confronting with that which over a long period of bewilderment and dread it has been taught to regard as an irrevocable and unplumbable finality, I do not know it.”

“The 'idea' for the poem, which may come as an image thrown against memory, as a sound of words that sets off a traveling of sound and meaning, as a curve of emotion (a form) plotted by certain crises of events or image or sound, or as a title which evokes a sense of inner relations; this is the first 'surfacing' of the poem. Then a period of stillness may follow.”

“You may be going through a trial so overwhelming that it's borderline unbearable. You want to see the end of the tunnel. Which is only natural, because once we see that little speck of light, we feel we can make it through to the finish. But God's tunnels are often twisting, too complex and dark to see the light for many days. In such settings He says, "In that dark, twisting, seemingly endless period of time, trust Me. Stop running scared! Stop fearing!"”

“Jonathan Coe's genial, likeable novel can only be described as a kind of lit-prog-rock concept album... Coe recreates the period with such loving accuracy that I frankly suspect him of having planted a secret microphone in the tin Oxford Mathematical Instruments box I carried around in my school days... As always with Jonathan Coe, the sheer intelligent good nature that suffuses his work makes it a pleasure to read.”

“Every religion I know of has changed its views with respect to concrete controversies over long periods of time. People's views about the morality of homosexuality are likely to undergo some change, even though they're making judgments based on their religious beliefs. Because in fact, religion is an extremely durable, and yet flexible, way of trying to apprehend what's good and what's bad in the world. In fact, its durability comes from its flexibility. Now, speaking from inside a religion, it's hard to talk that way.”

“The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin' lawyer at his side. Why don't more law firms vote with their feet and not take clients who have signs on them that say, "I'm a skunk and will be hard to handle?" I've noticed that firms that avoid trouble over long periods of time have an institutional process that tunes bad clients out. Boy, if I were running a law firm, I'd want a system like that because a lot of firms have a lot of bad clients.”

“Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid by historical standards, but now give him $100 billion in assets and measure outcomes across all of it, it doesn't look so good. We can only buy big positions, and the only time we can get big positions is during a horrible period of decline or stasis. That really doesn't happen very often.”

“If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening.”

“Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy.”

“I actually think being an entrepreneur is a state of mind. If you're going to be an entrepreneur, my thesis is that you have to sacrifice everything for some period in your life to be successful. You have to be myopic and completely focused and unbalanced in every way. Once you've achieved success, you're free to do whatever you like.”

“The most difficult part, when you decide to make running a part of your life style, is the basic initial commitment. Everybody says, 'I don't have the time.' It's up to you to say, 'I do have the time.' For me, beginning to run when I was a student was an ideal situation. However, I've also trained as much as 130 miles per week during periods when I worked a full-time job. It ultimately becomes second nature. It becomes a habit, a routine part of your daily life”

“It is delightful to read on the spot the impressions and opinions of tourists who visited a hundred years ago, in the vehicles and with the aesthetic prejudices of the period, the places which you are visiting now. The voyage ceases to be a mere tour through space; you travel through time and thought as well.”