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“"Extra effort," in whatever form it takes (mental, physical, emotional), cannot be sustained without eventual damage and diminishing returns. There has to be a very acute awareness on your part as to the level of exertion and the toll it's taking on those you lead.”

“We are a covenant-making people. We make covenants at the waters of baptism. We renew those covenants each week as we worthily partake of the sacrament. We take upon ourselves the name of Christ; we promise to always remember Him and to keep His commandments. And in return He promises us that His Spirit will always be with us. We make covenants as we enter into the temple, and in return we receive the promised blessings of eternal life-if we keep those sacred covenants.”

“Some of the parables that Matthew records and that Jesus delivered as part of his Olivet Discourse-such as the ten virgins and their lamps or the servants and the talents they were given-are some of the best known of Jesus' teachings. Reading them in the context of his prophecies about the end of the world, however, makes them clearly parables of preparation. To be on his right hand with his "sheep" rather than at his left hand with the "goats" at his return, we must prepare ourselves now.”

“The last image created in verse four of this hymn, ["Come, O Thou Glorious King"] that of the promised Messiah coming into his temple, seems appropriate for the day when Jesus was in the Jerusalem temple, teaching and establishing his authority. As with the Triumphal Entry, his actions then seem but a foretaste of even greater fulfillment when he comes again in glory. Just as the early Latter-day Saints were reassured by the promised return of the Savior, so we too can look forward with faith to his return as King.”

“We need to remember the purpose of our service to one another. If it were only to accomplish some part of His work, God could dispatch 'legions of angels.' . . . But that would not achieve the purpose of the service He has prescribed. We serve God and our fellowmen in order to become the kind of children who can return to live with our heavenly parents.”

“As value investors, our business is to buy bargains that financial market theory says do not exist. We've delivered great returns to our clients for a quarter century-a dollar invested at inception in our largest fund is now worth over 94 dollars, a 20% net compound return. We have achieved this not by incurring high risk as financial theory would suggest, but by deliberately avoiding or hedging the risks that we identified.”

“Sometimes markets err big time. Markets erred when they gave America Online the currency to buy Time Warner. They erred when they bet against George Soros and for the British pound. And they are erring right now by continuing to float along as if the most significant credit bubble history has ever seen does not exist. Opportunities are rare, and large opportunities on which one can put nearly unlimited capital to work at tremendous potential returns are even more rare. Selectively shorting the most problematic mortgage-backed securities in history today amounts to just such an opportunity.”

“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.”

“Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.”

“Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we believe. To not only learn but also effectively implement investment lessons requires a disciplined, often contrary, and long-term-oriented investment approach. It requires a resolute focus on risk aversion rather than maximizing immediate returns, as well as an understanding of history, a sense of financial market cycles, and, at times, extraordinary patience.”

“Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.”

“...People need to ask, "How do I play the hand that has been dealt me?" The world is not going to give you extra return just because you want it. You have to be very shrewd and hard working to get a little extra. It's so much easier to reduce your wants. There are a lot of smart people and a lot of them cheat, so it's not easy to win.”

“There are two cardinal human sins out of which all others derive, deviate, and dissipate: impatience and lassitude (or perhaps nonchalance). On account of impatience they are driven out of paradise; on account of lassitude or nonchalance they do not return. Perhaps, however, only one main sense of sin is given: impatience. On account of impatience they are driven out, on account of impatience they do not turn back.”

“The law of Love is based on abundance; we are completely filled with Love all the time, and our supply is always full and running over. When we give our Love unconditionally to others with no expectations of return, the Love within us extends, expands, and joins. So by giving our Love away we increase the Love within us and everyone gains.”