“
I would rather lose one-third of my shareholders than lose one-third of my shareholders' money.
“
The ability to say 'I don't know' is the most underrated skill in investing.
“
The greatest risk is not volatility. It is the permanent impairment of capital.
“
Gold is not an investment. It is insurance against monetary disorder.
“
Benjamin Graham taught us that the market is not always right. What he did not say is that the market is always irrational. It is usually right. But when it is wrong, it is very wrong.