Pain plus reflection equals progress.

If you're not failing, you're not pushing your limits, and if you're not pushing your limits, you're not maximizing your potential.

The biggest mistake investors make is to believe that what happened in the recent past is likely to persist.

Radical open-mindedness and radical transparency are invaluable for rapid learning and effective change.

By failing to prepare, you are preparing to fail.

-- Benjamin Franklin

Conceive optimistically, plan pessimistically, execute optimistically.

-- Kazuo Inamori

The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.

-- Ingvar Kamprad

The most important thing is being attentive to cycles.

-- Howard Marks

You can't predict. You can prepare.

-- Howard Marks

I try to invest in companies where the downside is limited and the upside is significant.

-- Bruce Berkowitz