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“In the stock market (as in much of life), the beginning of wisdom is admitting your ignorance. One of the many things you cannot know about stocks is exactly when they will up or go down. Over the long term, stocks generally rise at a nice pace. History shows they double in value every seven years or so. But in the short term, stocks are just plain wild. Over periods of days, weeks and months, no one has any idea what they will do. Still, nearly all investors think they are smart enough to divine such short-term movements. This hubris frequently gets them into trouble.”

“I can look back . . . at two distinct periods of opinion whose foundations I have successively come to distrust - a period before 1919 or so, when the weight of classic authority unduly influenced me, and another period from 1919 to about 1925, when I placed too high a value on the elements of revolt, florid colour, and emotional extravagance or intensity.”

“Statistically, it would seem improbable that any mathematician or scientist, at the age of 66, would be able through continued research efforts, to add much to his or her previous achievements. However I am still making the effort and it is conceivable that with the gap period of about 25 years of partially deluded thinking providing a sort of vacation my situation may be atypical. Thus I have hopes of being able to achieve something of value through my current studies or with any new ideas that come in the future.”

“Ressentiment is always to some degree a determinant of the romantic type of mind. At least this is so when the romantic nostalgia for some past era (Hellas, the Middle Ages, etc.) is not primarily based on the values of that period, but on the wish to escape from the present. Then all praise of the “past” has the implied purpose of downgrading present-day reality.”

“Before success comes patience... when we add to our accomplishments the element of hard work over a long period of time, we'll place a far greater value on the outcome. When we are patient, we'll have a greater appreciation of our success.”

“We've clearly entered a period in which the analog of text is no longer important or relevant. All text will be electronic. I accept that fact. My house has thousands of books in it, and I've started to look at them completely differently. They now seem to me to be like antiquarian objects. Their use value has become negligible to me because I'm perfectly happy to read on an e-reader.”

“In many other cultures, and certainly in the Eastern world, there's great value put on being, contemplating, and even withdrawing from the world at certain times or for certain periods of time. But we don't really have that in our culture, so it's difficult for many Westerners to learn how to sit down or lie down and just be quiet without going to sleep. We're just not trained to do it.”

“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.”

“That value system has been handed right down in European society. And today when you find Negroes, if they even look like they're adopting these so-called middle-class values, standards, it's not that they are taking something from the white man, but they are probably identifying again with the level or standard that these same whites have gotten from them back during that period.”

“After a short period of time in Pakistan, it's clear that drones are not a security solution. If you believe in drones, the original idea was to go after so-called high-value targets, which according to the NYU-Stanford study 2% of the people killed by drones are high-value targets - now, who are all the rest of the people? Well, it's a secret program, so therefore the CIA doesn't have to tell us anything, yet they claim that with each attack they're getting militants. Now we have people coming forward, saying, actually, no we're not terrorists.”

“People are interested in certain ideas, in certain periods, and then that moves, and okay, now people are more interested in studying this, and there is no perfect balance, and how would you know what the perfect balance is? I mean, what does it mean to have too many Beethoven chairs and too few Stravinsky chairs? I mean, that's kind of a value judgment that isn't really based on humility. We don't know what the optimum number is, so let people figure this out on their own. People are more interested in Beethoven than Stravinsky? Great! Why would that bother me?”

“I believe the liberal international order is under assault from Russia, and from other authoritarian regimes, and it is being questioned from within the West by nationalists, by nativists, and by people who doubt our - doubt the values of the West. We've gone through periods like this before; in the '70s, after Vietnam and Watergate, and certainly in the '30s, when people thought liberal democracy was dead, and the future belonged either to the fascists or the communists.”