"There has been no organized effort to keep government down since Jefferson's day. Ever since then the American people have been bolstering up its powers and giving it more and more jurisdiction over their affairs. They pay for that folly in increased taxes and diminished liberties."

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Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.

— Seth Klarman