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Security Quotes

“Science can be effective in the national welfare only as a member of a team, whether the conditions be peace or war. But without scientific progress no amount of achievement in other directions can insure our health, prosperity, and security as a nation in the modern world.”

“It is our daily duty to consider that in all circumstances of life, pleasurable, painful, or otherwise, the conduct of others, especially of those in the same house; and that, as life is made up, for the most part, not of great occasions, but of small everyday moments, it is the giving to those moments their greatest amount of peace, pleasantness, and security, that contributes most to the sum of human good. Be peaceable. Be cheerful. Be true.”

“However, if one has been playing the buy-and-hold game with quality securities, one has been exposed to a substantial amount of market risk because the valuations placed on these securities have implied overly rosy scenarios prone to popular revision in times of more realistic expectation. This is one of those times, but it is my feeling that the revisions have not been severe enough, the expectations not yet realistic enough. Hence, the world's best companies largely remain overpriced in the marketplace.”

“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.”

“One observer commenting on security analysts over forty stated: "They know too many things that are no longer true." As long as I am "on stage", publishing a regular record and assuming responsibility for management of what amounts to virtually 100% of the net worth of many partners, I will never be able to put sustained effort into any non-BPL activity. If I am going to participate publicly. I can't help being competitive. I know I don't want to be totally occupied with out-pacing an investment rabbit all my life. The only way to slow down is to stop.”

“In the last thirty years we have gained enormous amount of freedom (everywhere, except perhaps in places like Burma or North Korea), but we lost quite a large amount of security. Because of all sorts of reasons, because of globalization which stripped the nation state of a large part of its sovereignty away, because of the dismantling of the so-called welfare state. As a result, people feel simultaneously much freer and much more insecure.”