“Knowing is not enough; we must apply. Willing is not enough; we must do.” – Bruce Lee
“High turnover reduces risk when it is the result of taking a series of small losses in order to avoid larger losses.” – Richard Driehaus
“…That’s my sell discipline. I cut my losses, and let my winners run.” – Richard Driehaus
“…I would much rather be invested in a stock that is increasing in price and take the risk it may begin to decline, than to invest in a stock already in decline and try to guess when it will turn around.” – Richard Driehaus
“…Unlike the conventional wisdom of ‘buy low, sell high,’ I believe, far more money is made by buying high and selling at even higher prices.” – Richard Driehaus
“…If you’ve spent the time to identify a handful of high conviction ideas, failure to concentrate simply dilutes the impact if you’re correct.” – Richard Driehaus
“Stock prices are heavily affected by market dynamics, and by investors’ sentiment. Their emotions, swing widely from pessimism to optimism.” – Richard Driehaus
“…A stock’s price is rarely the same as the company’s intrinsic value, particularly…to medium term. The reason is that the traditional valuation process is flawed.” – Richard Driehaus
“Since opportunities, for truly attractive investments are not obvious, successful investors have to apply unconventional thinking, and readily adapt to new information.” – Richard Driehaus
“I have found many of the basic principles of Taoism…applicable to the stock market. Particularly, as they relate to using both the creative and analytical parts of one’s brain.” – Richard Driehaus
“I realized that picking stocks is a difficult business. Just being well-educated or a nationally recognized columnist doesn’t guarantee success.” – Richard Driehaus
“The principles of investing are basic. The successful implementation is the challenge. William Blake summed it up best when he wrote, ‘Execution is the chariot of genius.'” – Richard Driehaus
“The average annual report is over 120 pages long. If earnings were calculated the same way for every company every year, you wouldn’t need 120 pages to tell people how earnings were calculated. It’s 120 reasons not to trust earnings.” – Joel Litman
“FASB has lost the concept of matching and driven a substantial amount of volatility within earnings, and in many cases unnecessarily so.” – Earnings Quality: Evidence from the Field (Dichev, Graham, Harvey, Rajgopal)
“When the financial situation changes, we must also be ready for very dramatic cultural changes in society” – Sadhguru
“Endurance is one of the most difficult disciplines, but it is to the one who endures that the final victory comes.” – Buddha
“To laugh often and much; To win the respect of intelligent people and the affection of children; To earn the appreciation of honest critics and endure the betrayal of false friends; To appreciate beauty, to find the best in others; To leave the world a bit better, whether by a healthy child, a garden patch, or a redeemed social condition; To know even one life has breathed easier because you have lived. This is to have succeeded.” – Ralph Waldo Emerson
“Financial statements are the language of business. Today, that language is gibberish. The companies don’t see meaning in filing the numbers they are filing. The users of the financials don’t understand the numbers they are reading.” – Joel Litman
“Continuous effort, not strength or intelligence, is the key to unlocking our potential” – Winston Churchill
“But if you have precise information as to a company’s present financial position and its past earnings record, you are better equipped to gauge its future possibilities. And this is the essential function and value of security analysis.” – Ben Graham, The Interpretation of Financial Statements, 1937