The most important thing is being attentive to cycles.

You can't predict. You can prepare.

To achieve superior results, you have to have an edge in either information or analysis. And the former is increasingly hard to get.

Being too far ahead of your time is indistinguishable from being wrong.

To dare is to lose one's footing momentarily; not to dare is to lose oneself.

-- Søren Kierkegaard

If you're not genuinely pained by the risk involved in your strategic choices, it's not much of a strategy.

-- Reed Hastings

You can't predict. You can prepare.

-- Howard Marks

An investor who has all the answers doesn't even understand the questions.

-- John Templeton

At the root of all financial bubbles is a good idea carried to excess.

-- Seth Klarman

Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.

-- George Soros