Without an initial vision of a desired result,
status quo will always reign.

-o-

It is better to be certain of a good result
than hopeful of a great one.

-o-

That which you should remain clear of is that which
consistently employs an ever-greater amount of capital
at very low rates of return.

-o-

Take action every day, and stay focused for the long haul.

-o-

Concern yourself with a secular outlook for the future:
consider what is likely to happen, rather than what should happen.
It determines the analytical guardrails that govern the positioning
of portfolios over time. It also influences many other things:
from the design of forward-looking investment solutions to medium-term positioning.

Beware of the shadow banker.

It takes 20 years to build a reputation
but only five minutes to ruin it.

Leverage is deployment of an insufficient amount of something to do that which was previously done with much more.

Zero-based budgeting will allow for comprehensive utilization of attainable resources and must be justified as compared to that which may want to be sanctified.

It is better to be suspicious and safe
than trusting and sorry.

-o-

Annoyingly patient investors seemingly always laugh last because when the wait is over, the hyperactive armchair investor will refer to them as geniuses, when, all along, it was just good research and patience.

-o-

Rome wasn't built in a day and fortunes are not made between now and next week Thursday.

-o-

"We've long felt that the only value of stock forecasters is to make fortune tellers look good. Even now, Charlie [Munger] and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children."    --Warren Buffet