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— Charlie Munger"We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists."
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The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.
— Seth Klarman
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The very cheapness of literature is making even wise people forget that if a book is worth reading, it is worth buying. No book is worth anything which is not worth much; nor is it serviceable, until it has been read, and re-read, and loved, and loved again; and marked, so that you can refer to the passages you want in it.
— John Ruskin
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