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“People want to buy cheap and sell dear; this by itself makes them countertrend. But the notion of cheapness or dearness must be anchored to something. People tend to view the prices they’re used to as normal and prices removed from these levels as aberrant. This perpective leads people to trade counter to an emerging trend on the assumption that prices will eventually return to “normal”. Therein lies the path to disaster.”

“You travel life has the aspect of a dream. It is something outside the normal, yet you are in it. It is peopled with characters you have never seen before and in all probability will never see again. It brings occasional homesickness, and loneliness, and pangs of longing ... But you are like the Vikings who have gone into a world of adventure, and home is not home until you return.”

“we are dealing with a return to what might be a far more normal relationship between the West and Russia. Russia is what it is that we see. It's not dressed up in its birthday costume. It is what it is. It regards its national interests as important enough to fight for. And the difference on the whole Ukraine situation is that the Russians are prepared to fight for their position on Ukraine, and the West is not.”

“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.”

“The search for God is a reversal of the normal, mundane worldly order. In search for God, you revert from what attracts you and swim toward that which is difficult. You abandon your comforting and familiar habits with the hope (the mere hope!) that something greater will be offered you in return for what you have given up.. if we truly knew all the answers in advance as to the meaning of life and the nature of God and the destiny of our souls, our belief would not be a leap of faith and it would not be a courageous act of humanity; it would just be.. a prudent insurance policy.”