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Results Quotes

“I think, for the rest of my life, I shall refrain from looking up things. It is the most ravenous time-snatcher I know. You pull one book from the shelf, which carries a hint or a reference that sends you posthaste to another book, and that to successive others. It is incredible, the number of books you hopefully open and disappointedly close, only to take down another with the same result.”

“People would be a lot more skeptical if they understood that there is an incredible amount of chance in the results that you observe for active managers. So the distribution of outcomes is enormously wide - but that's exactly what you'd expect by chance with lots of active managers who hold imperfectly diversified portfolios. The really good portfolios contain a lot of really lucky picks, and the really bad portfolios contain a lot of really unlucky picks as well as some really bad ones.”

“Taking from others never results in prosperity. If we steal from others, life will steal from us. There is an incredible abundance on this planet. True prosperity begins with feeling good about yourself and about the choices you make. Life is here for us. Life is here to support us in every way. We give out, we get back. Honesty is the rarest wealth anyone can possess, and yet all the honesty in the world ain't lawful tender for a loaf of bread.”