“A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.” – Seth Klarman

“The whole value of the dime is knowing what to do with it.” – Ralph Waldo Emerson

“Management is about human beings. Its task is to make people capable of joint performance, to make their strengths effective and their weaknesses irrelevant.” – Peter Drucker

“I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.” – Warren Buffett

“Focus on something the customer wants, and then deliver it.” – Sam Walton

“If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.” – Henry Ford

“The bitterness of poor quality remains long after the sweetness of low price is forgotten.” – Benjamin Franklin

“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well, for twelve years, I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.” – Paul Tudor Jones

“Relying on as-reported financial statements as a measure of financial activity is like relying on your stock broker to tell you what stocks to buy. Either way, financial disaster awaits you as an investor.” – Joel Litman

“There are always opportunities through which businessmen can profit handsomely if they will only recognize and seize them.” –

“There is always plenty of capital for those who can create practical plans for using it.” – Napoleon Hill

“You reach a point where you don’t work for money.” – Walt Disney

“Your first and foremost job as a leader is to take charge of your own energy and then help to orchestrate the energy of those around you.” – Peter Drucker

“Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They’re absolutely free and worth a fortune.” – Sam Walton

“The misperception is you are investing in the stock market, not companies.” – Charles Brandes

“I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.” – Ben Graham

“Lower average cost wins.” – Bill Miller

“Price is what you pay. Value is what you get.” – Warren Buffett

“Investing in bargain-priced securities provides a ‘margin of safety’— room for error, imprecision, bad luck, or the vicissitudes of the economy and stock market.” – Seth Klarman

“As-reported corporate EPS is a joke. To believe in the reliability of earnings is anything but funny.” – Joel Litman