Investment and Life Lessons - Part 4

Here's the part 4 of my previous posts regarding the lessons/quotes I've encountered in my various readings on business, stocks, economy, money, war and life. My list is getting too long again hence I'm sharing it with the Filipino Investors out there for them to learn a thing or two. Cheers!

1. There's more to see than can ever be seen. More to do than can ever be done. More to find than can ever be found. - The Lion King
2. Look out for yourself - Jerome Montino
3. Give love away - WB
4. Sometimes one pays most for the things one gets for nothing. - Albert Einstein
5. A stock does not become attractive simply because it has come to your attention
6. These findings reveal an axiomatic truth about investing: investors aren’t rewarded for picking winners; they’re rewarded for uncovering mispricings— divergences between the price of a security and its intrinsic value. It is mispricings that create market-beating opportunities. And the place to look for mispricings is in a disaster, among the unloved, the ignored, the neglected, the shunned, and the feared— the losers
7. Though it is ubiquitous, we don’t intuitively recognize the conditions for mean reversion . Time and again investors, including value investors , ignore it and consequently reduce returns. We can show that a portfolio of deeply undervalued stocks will, on average, generate better returns, and suffer fewer down years, than the market. But rather than focus on the experience of the class of deeply undervalued stocks, we are distracted by the headlines. We overreact . We’re focus on the short-term impact of the crisis. We fixate on the fact that any individual stock appears more likely to suffer a permanent loss of capital. The reason is that even those of us who identify as value investors suffer from cognitive biases, and make behavioral errors. They are easy to make because the incorrect decision— rejecting the undervalued stock— feels right, while the correct decision— buying stocks with anemic, declining earnings— feels wrong
8. Stockholders seemed to have forgotten that they are owners of a business and not merely owners of a quotation on the stock ticker - Ben Graham
9. In a difficult business, no sooner is one problem solved than another surfaces— never is there just one cockroach in the kitchen - Warren Buffet
10. Are stocks pieces of paper to be endlessly traded back and forth, or are they proportional interests in underlying businesses? A liquidation settles this debate, distributing to owners of pieces of paper the actual cash proceeds resulting from the sale of corporate assets to the highest bidder. A liquidation thereby acts as a tether to reality for the stock market, forcing either undervalued or overvalued share prices to move into line with actual underlying value - Ben Graham
    
11. The analyst should be concerned primarily with values that are supported by facts and not with those that depend on expectations. This differentiated the security analyst from the speculator, whose success turned on his or her ability to guess the future, where the analyst sought not to profit from the future , but to guard against it - Ben Graham
12. First-class businesses resist mean reversion
13. When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact. - WB
14. Let me have men about me that are fat, sleek-headed men and such a sleep a-nights. Yond Cassius has a lean and hungry look, He thinks too much; such men are dangerous. - Caesar
15. Any player who's unaware of the fool in the market is probably the fool in the market - Warren Buffet
16. We have not been given the lead in the cosmic drama - Carl Sagan
17. We have good reason for humility - Carl Sagan
18. Silence is golden when you can't think of a good answer - Muhammad Ali
19. (Carl Icahn) He’ll buy at the worst possible moment, when there’s no reason to see a sunny side and no one agrees with him
20. My whole history if you look at it, is not to buy businesses that are great. I don’t pay retail. I go in when people say they’re terrible. It’s really the old Graham-and-Dodd philosophy. You go in when nobody likes it, but it’s still ok. . . . A lot of analysts miss this stuff - Carl Icahn
21. The consensus thinking is generally wrong. If you go with a trend, the momentum always falls apart on you. So I buy companies that are not glamorous and usually out of favor. It’s even better if the whole industry is out of favor - Carl Icahn
22. (You have to) Got the goods - Rommel Mampusti
23. Those who say don't know and those who know don't say
24. I found the road to wealth when I decided that a part of what I earn is mine to keep - Algamish
25. Wealth, like a tree, grows from a tiny seed - Algamish
26. Many shall be restored that are now fallen and many shall fall that are now in honor. - Horace
27. And a man, a man provides. And he does it even when he's not appreciated, or respected, or even loved. He simply bears up and he does it. Because he's a man.
28. The stock market is filled with people who know the price of everything but the value of nothing - Phillip Fisher
29. It takes twenty years to make an overnight success - Eddie Cantor
30. In the end, you regret the shots you did not take
31. Stop and smell the roses - David Kong
32. Take the job that you would take if you were independently wealthy - W.Buffet
33. I'm no genius but I'm smart on spots and I try to stay around those spots - W.Buffet
34. Keep your dream alive - Jack Ma
35. Anyone who struggled hard on a problem never forgets it - Elon Musk
36. I've been rejected but I'm still in love - Steve Jobs
37. It's always darkest before the dawn
38. Fools make feasts and wise men, eat them - B. Franklin
39. A small hole sank the ship - B. Franklin
40. Use these hard times to make a man of yourself - Charlie Munger
41. If you are capable of understanding the world, you have a moral obligation to become rational - Charlie Munger
42. Real opportunities that come to you are a few, and when you find one my dear grandchildren, seize it boldly and don't do it small - Charlie Munger's great grandfather
43. I think part of enjoying life is to just see it as it is, face it as it is and adapt to the reality as it is whether you like it or not - Charlie Munger
44. The used key is always bright - Benjamin Franklin
45. Nothing is ever sure John, that's the only sure thing I know - John Nash's room mate
46. It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest - Adam Smith
47. Don't waste today worrying about tomorrow
48. Part of the joy of having a list is checking it out - Jim Rohn
49. When you've accomplished something major - celebrate - J.R.
50. Spend 5 mins complaining and you've wasted 5 - J.R.
51. I'll tell you how risky life is, you're not gonna get out alive - J.R.
52. We've embraced the 21st century by entering in such cutting edge industries such as brick, carpet, insulation and paint - Warren Buffett
53. Big opportunities in life have to be seized - W. B.
54. Look after the pennies and the pounds will look after themselves - Andrew Carnegie's mother
55. We must be happy with what we've got when we are in pursuit of what we want - Ben Franklin
56. You'd be as happy as you make up your mind to be - Abraham Lincoln
57. Successful people have libraries. The rest have big screen TVs. - Jim Rohn
58. Life is not just the passing of time. Life is a collection of experiences, their intensity, their frequency. - Jim Rohn
59. Your only limitation is the one you are willing to accept in your own mind - Napoleon Hill
60. Love is the bridge between you and everything
61. Find what you love and let it consume you
62. You have to be self motivated and you have to be able to take a lot of rejection. You have to be able to enjoy rejection until rejection becomes so wonderful that you just can't wait to get another rejection so that you can get back to the grindstone so you can get more rejection.
63. The understanding of self worth is the beginning of progress - Jim Rohn
64. It's all risky, the minute you were born it got risky. If you think trying is risky wait till they hand you the bill for not trying. If you think investing is risky, wait till they give you the tab for not investing - Jim Rohn
65. It's not what happens, it's what you do. What happens, happens to all of us, what you do makes it difference - J.R.
66. Asking is the beginning of receiving - J.R.
67. I will
68. Resolve means promising yourself you will never give up
69. Testing the limits of the human spirit - Walter Mitty
70. To see the world, things dangerous to come to, to see behind walls, to draw closer, to find each other and to feel. That is the purpose of life.
71. Don't be obsessed be enticed - J.R.
72. Possession starts first in the mind - Napoleon Hill
73. Demand don't beg - N.H.
74. Wealth, like happiness, is never attained when sought after directly. It comes as a by-product of providing a useful service. - Henry Ford
75. A market is never saturated with a good product, but it is quickly saturated with a bad one. - Henry Ford
76. Most people get ahead during the time that others waste - Henry Ford
77. While the individual man is an insoluble puzzle, in the aggregate he becomes a mathematical certainty - W.W. Reade
78. The future does not get better on hope. It gets better by plan and taking action - J.R.
79. What shall I do? Well for progress sake, you must decide. - J.R.
80. Formula for failure - few/small errors of judgement repeated every day - J.R.
81. Formula for success - a few/small simple disciplines practiced everyday - J.R.
82. Every home worth over $100K (PHP4.7M) has a library
83. The greatest source of unhappiness is self-unhappiness - J.R.
84. Successful people in every field are almost universally members of a certain set— the set of people who don’t give up.
85. There are no traffic jams along the extra mile - Roger Staubach
86. When you want something, all the universe conspire to help you achieve it - Old King
87. Maktub - it is written
88. If you can concentrate always in the present you'll be a happy man
89. Money is a terrible master but an excellent servant - P. T. Barnum
90. By desiring little, a poor man makes himself rich - Democritus
91. The unexamined life is not worth living - Socrates
92. Categorically, the most important part of life is pleasure - Epicurus
93. Goods associated w/ happiness: having friends, living self-sufficient, living an analyzed life
94. Our anxiety is disproportionate on what there is to worry about - Epicurus
95. Anxiety is what occurs on the mind when certain problems have not been approached rationally and calmly - Epicurus
96. You move forward by doing what you can do in your current environment - Wallace Wattles
97. The application of a sufficient cause cannot fail to produce a given effect (success) - W.W
98. If there is a failure anywhere of any kind it is because the cause is not sufficient or is not properly applied - W.W
99. Have nothing in your house that you believe to be useful or beautiful - William Morris
100. Definition of news: Facts a few people have long known that are now exposed to the public
101. One is loved because one is loved, there is no reason needed for loving - Fatima
102. You have no other day but today - Gino Lisondra
103. A man can fail many times, but he isn't a failure until he begins to blame somebody else
104. Everything is worth what people are ready to pay - Luxottica CEO
105. Money has no loyalty, despite patriotic pledges of corporate allegiance. Like water, cash will flow out, not to the lowest level like any liquid, but to where the highest returns lie
106. The stock market is the only market where things go on sale and all the customers run out of the store - Cullen Roche
107. It's nice to be important but it's more important to be nice - John Templeton
108. It is wrong to assume that men of immense wealth are always happy - JDR
109. Sex is part of nature, I go along with nature - Marilyn Monroe
110. If I'd observed all the rules, I'd never got anywhere - Marilyn Monroe
111. Let us never negotiate out of fear, But let us never fear to negotiate - John F. Kennedy
112. Forgive your enemies but never forget their names - JFK
113. Change is the law of life, and those who look only to the past or present are certain to miss the future - JFK
114. The most wasted day is that in which we have not laughed - Sebastian-Roch Nicolas
115. Pareto Principle/Analysis - 80/20 rule - the critical few vs the trivial many
116. Worry is the wrong use of imagination
117. We have met the enemy, and it is us
118. Market models and theories of investment are often based on mathematical convenience rather than empirical evidence - hence, watch out
119. The only thing to fear is fear itself
120. Equal dissemination of knowledge does not imply equal use of knowledge. - Jack Schwager
121. More money has been lost through the mismeasurement of risk than by the failure to measure risk. It would be safer to drive a car without a speedometer than a speedometer that understated true speeds by 25 percent. If you had no mechanical gauge of speed, you would be conscious of that absence of information and take extra caution as a result. If, instead, you are relying on a speedometer you believe is providing correct readings but , in fact, is significantly understating actual speed, you will be more prone to an accident.
122. Don't trust your memory - if you have a good idea, write down, ponder upon and perhaps go ahead and do it.
123. Civilization is the intelligent management of human emotions - JR
124. The major key to your better future is you - JR
125. Life is known as the big IF
126. You may not be able to do what you find out but you have to find out what you can do
127. 4 ways to become a child, a. curiosity, b. excitement, c. faith, d. trust
128. You make your choices and then your choices make you - Sir Darren Hardy
129. Before borrowing money from a friend, decide which you need most.
     ~American Proverb
130. Don't lend money to a friend, you will lose both.
     ~English Proverb
131. The right to be heard does not include the right to be taken seriously - Hubert Humphrey
132. The risk is not in our stocks but in ourselves - Ben Graham
133. A closed mind is a dying mind - Edna Ferber
134. “Our greatest misfortune as a people is having leaders and prominent individuals who divide this country into groups represented by colors, ethnicity and religious beliefs.”...“We should be like a rainbow, a country of diverse colors but united and bound by the common desire of becoming a beautiful spectacle in the sky.” - Rodrigo Duterte
135. Time changes everything, that's what people say. It's not true. Doing things changes things. Not doing things leaves things exactly as they were. - Dr. House
136. If time be of all things the most precious, then wasting time must be the greatest prodigality - Benjamin Franklin
137. Sloth makes all things difficult but industry, all easy - Ben Franklin
138. By diligence and patience the mouse ate into the cable - Ben Franklin
139. A fat kitchen makes a lean will - Ben Franklin
140. Ganito nalang ba tayo? Kalaban ang kaaway. Kalaban ang kakampi? - Heneral Luna
141. You expect that they (the goods) will be sold cheap, and perhaps they may for less than they cost. But if you have no occasion for them, they must be dear to you. - Ben Franklin
142. Buy what thou hast no need of and heir long thou shalt sell thy necessaries - Ben Franklin
143. The second vice is lying the first is running in debt
144. Get what you can and what you get hold, this will turn all your lead into gold - Ben Franklin
145. Tell me I can't, and I'll work twice as hard to prove you wrong
146. When you kiss her mind, her body will follow
147. A good laugh and a long sleep are the two best cures for anything
148. To achieve the impossible, it is precisely the unthinkable that must be thought - Tom Robbins
149. Risk more than is required. Learn more than is normal. - Robin Sharma
150. "Let's go somewhere."

"Where?"

"Anywhere."

"OK."

"I got a full tank of gas. Let's get out of here."

"All right."