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Periods Quotes

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Periods Quotes

“On the other hand, heroism is basic to the character of the Nordic peoples. This heroism of the ancient mythic period and this is what is decisive has never been lost, despite times of decline, so long as the Nordic blood was still alive. Heroism, in fact, took many forms, from the warrior nobility of Siegfried or Hercules to the intellectual nobility of Copernicus and Leonardo , the religious nobility of Eckehart and Lagarde, or the political nobility of Frederick the Great and Bismarck , and its substance has remained the same.”

“The signs that presage growth, so similar, it seems to me, to those in early adolescence: discontent, restlessness, doubt, despair, longing, are interpreted falsely as signs of decay. In youth one does not as often misinterpret the signs; one accepts them, quite rightly, as growing pains. One takes them seriously, listens to them, follows where they lead. ... But in the middle age, because of the false assumption that it is a period of decline, one interprets these life-signs, paradoxically, as signs of approaching death.”

“Real investment risk is measured not by the percent that a stock may decline in price in relation to the general market in a given period, but by the danger of a loss of quality and earnings power through economic changes or deterioration in management.”

“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.”