A wise man’s life is based around FUCK YOU.
The Gambler

You know how I stayed alive this long, all these years? Fear. The spectacle of fearsome acts.
Bill the Butcher - Gangs Of New York

I knew him as a man. I knew his weakness and his strength. But if you ask me “will we ever see his like again?”, I would say no.
Bjorn Goes Into Battle One Last Time

I know I’m great, but in this situation, every head must bow, every tongue must confess, this is the greatest of all time.
Mike Tyson Praises Muhammad Ali on Arsenio Hall Show 1989

I don’t want to sit down and have a conversation with someone that says: “You’re in heaven. This is what you should’ve been on Earth."
David Goggins - NO REGRETS

Without commitment, you’ll never start. But without consistency, you’ll never finish.
Denzel Washington

When the ending is unknown, and the distance is unknown, that’s when you know who the fuck you are.
David Goggins - When I was in the military

If you’re ever having a hard time out there, tape yourself. Listen to the kind of bitch you’re being.
David Goggins - being a bitch

But if they get up, and really aim their bullets at Tony Fauci […], they’re really criticizing science. Because I represent science.
Anthony Fauci - November 2021

Les autres sages vous enseignent la sagesse. Montaigne, lui, vous désenseigne la sottise.
Marie de Gournay - told by André Comte-Sponville

Precision beats power, and timing beats speed.
Conor McGregor

So much time is spent rationalizing good ideas instead of waiting for great ones.
Ian Casssel

There’s no great company that can’t be turned into a bad investment, just by raising the price.
Charlie Munger

When you win, be grateful. When you lose, be graceful.
Dustin Poirier

The line between success and failure is pretty thin.
Howard Jonas, according to Joe Boskovich

It seems like you just picked a stock. But did you really pick it, or did you passively end up with it, because it’s the one that was spread around the most?
Focused Compounding - 2021 Post Mortem

I can hear the mouths of termites chewing through our shared infrastructure.
Eric Weinstein - 2021 Year in Review

Are you quite sure? It would be a pity to be wrong.
Winston Churchill, recalling the possibility of war between France and Germany

Ironically, it’s the suckiness of this industry that makes it attractive to invest in.
Akiba Leisman, CEO of Mako Mining

Asset selection and timing is 90% of the game (the other 10% is making sure management doesn’t screw it up).
Akiba Leisman, CEO of Mako Mining

Nobody in 1914 feared war enough.
How Europe Went to War in 1914

I identify as Michael Jackson. My pronouns are hee hee!
[Heard on a Twitter Space]

We must all suffer from one of two pains: the pain of discipline or the pain of regret.
Jim Rohn

Once the mind has accepted a plausible explanation for something, it becomes a framework for all the information that is perceived after it. We’re drawn, subconsciously, to fit and contort all the subsequent knowledge we receive into our framework, whether it fits or not.
Ryan Holiday in Trust Me, I’m Lying

While we may never objectively know the reality beyond our perception, we can find security in the sharing of our subjective worlds; in the mutual agreement on what is real.
The Metaphysics of Inception

In a probabilistic environment, you are better aerved by focusing on the process by which you make a decision than on the outcome.
Michael Mauboussin, in Think Twice

No contract, no amount, no price will ever save you from a dodgy person.
Yen Liow on Equity Mates Podcast

There are no gurus. There are only cycles.
Michael A. Gayed

When you have so much leverage in the system, it doesn’t take too many butterflies flapping their wings to create a hurricane.
Michael A. Gayed

It’s not a lie…if you believe it.
Georges Costanza, Seinfeld (probably talking about the Fed setting inflation expectations)

Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend.
George Soros

You make the most money in investments that have undiscovered merits. You lose the most money in investments who’s merits are overstated.
Howard Marks, according to Bill Brewster

I say, we do. I’m not here to discuss this shit with my mind. My soul fucking knows. When I say jump, you fucking jumnp.
Michael Jordan, narrated by Tony Robbins

Molding and shaping and developing your ideas and your craft so that when it’s time for you to make your rounds, you gonna fly.
Stay Focused - Tyrese Gibson

When your buddy who’s been investing in tech and crypto for the last three years starts telling you to invest in oil, it might be time to start trimming.
Shubham Garg, answering the question: “When is it time to diversify away from O&G?”

“Often in error, never in doubt” should be carved on the tombstone of many an investment advisor.
100 to 1 in the Stock Market, by Thomas Phelps

Oh, you’re a wrestler now?
Nate Diaz on Conor McGregor shooting for a desperate takedown in the 5th round

Who we were doesn’t to define who we’re gonna be.
Ray Garrison in Bloodshot

You can’t print a barrel of oil, a pound of uranium, or a ton of coal.
Heard on a Twitter Space in Jan 2022

I would rather have questions that can’t be answered than answers that can’t be questioned.
Richard P. Feynman, winner of the Nobel Prize in Physics in 1965

The stock market is a market of second-hand goods. The only reason you’re able to buy a share in a company is because somebody else didn’t want it. Why is that?
Chris Mayer, How to hunt 100 bagger stocks

No matter how much research you do, no matter how much you do on a name, there’s some more things you learn about it owning it.
Chris Mayer, How to hunt 100 bagger stocks

_At 20% of GDP, real-estate is top Canada’s priority, and they will keep protecting it - and keep the Chinese money laundering pouring.
Heard on a Twitter space.

In the end, we will remember not the words of our enemies, but the silence of our friends
Dr. Martin Luther King, Jr.

The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time and still retain the ability to function.
F. Scott Fitzgerald, reported by FarnamStreet

The idea is to live in the middle of ideas, believing in them enough to take action but not enough so they become too big of an anchor when something better comes along.

Many shall be restored that now are fallen & many shall fall that now are in honor.
Ben Graham, quoting the poet Horace at the start of Security Analysis

Predicting rain doesn’t count; building arks does.
Warren Buffett, 2001 annual shareholder report

Wonderful businesses do not trade for great prices when the headlines are positive and Wall Street is cheery; they get cheap when the news is bad and investors overreact. You’ll have to buy when everyone else is selling, which is not easy.
The Little Book That Builds Wealth, by Pat Dorsey

(a) Most investors trade too much, to their own detriment, and (b) the best solution for illiquidity is to build portfolios for the long term that don’t rely on liquidity for success.
Howard Marks memo, 2022

To be a disciplined investor you have to be willing to stand by and watch other people make money on things that you passed on.
Howard Marks

Anger is a punishment we give to ourself, for somebody else’s mistake.
Some Saint.

You can drive a truck between what I think it’s worth and where it’s priced.
Joel Greenblatt, on what makes a good investment

One of the keys to successful investing is to get out of your own head.
Jake Taylor

Les conseils et les critiques ont la même origine: on voudrait que l’autre fasse un peu plus comme nous.
Les leçons de Stromae pour les créateurs

“May we never let the things we can’t have or don’t have or shouldn’t have spoil our enjoyment of the things we do have and can have."
Quote from Richard Evans, found in A STRATEGY FOR DAILY LIVING

With that much talent coming out of his lungs, I’m not surprised his two front teeth respectfully got out of the way.
Youtube comment on Kurt Nilsen singing Hallelujah

There are few edges available in hypercompetitive global markets. Controlling your own behavior is the last bastion of outperformance.

Sounds great in theory, but, unlike our academic friends, we’re going to ask a rude question: does it work?
Contrarian Investment Strategies

The 2008 squeeze was highly beneficial for me. I had both the cash and the courage to take advantage of a circumstance where the market lacked both. In a liquidity squeeze, he who has liquidity, as long as he’s prepared to exercise it, comes out to be King.
Rick Rule on liquidity

Much of this game comes down to sheer conviction in the thesis. And conviction comes through understanding. The difference between “just buying a ticker” and understanding the big macro right down to the micro company picture is night and day.
Trader Ferg in one of his weekly emails

I never could have done what I have done without the habits of punctuality, order, and diligence, without the determination to concentrate myself on one subject at a time.
Charles Dickens

If you start a new job tomorrow and someone gives you $100M to invest, what do you do?
George Nobel on thinking forward with your decisions

Good investing come from buying things well, not from buying good things.
Howard Marks

In the first 10 years, I never had a response. Not one. Not only did nobody every say “that was a good memo”, nobody ever said they got it!
Howard Marks, talking about his memos

They’re only as good as the world allows them to be. When the chips are down, these civilized people…they’ll eat each other.
The Joker, in The Dark Knight

I screwed up. What elements of my approach caused me to fail? Let’s fix that next time around. If you survive it, failure is often more productive than modest success.
Jacobus Petrus “Koos” Bekker, on his early investments in China

Hi Andrew, While I’m not expert at such things, I suspect that our stock at $125 no longuer qualifies as a “long-term value oriented investment” for anyone but the most fervent believers. Mark Leonard, CEO of Constellation Software, in 2013

I now take a long-term view on people. When I see something not being done right, my first reacttion isn’t to go fix it. It’s so say: “We’re building a team here, and we’re gonna do great stuff for the next decade, not just the next year. What do I need to do to help so that the person who’s screwing up learns, versus how do I fix the problem?"
Steve Jobs, when asked the most important thing he learned during his time at Apple

Leave things alone. Especially when the sea is stirred up.
Baltasar Gracian, read on Chris Mayer’s blog

What the human being is best at doing is interpreting all new information so that their prior conclusions remain intact.
[Warren Buffett]

Nothing sedates rationality like large doses of effortless money.
[Warren Buffett]

Obviously, then, by definition, it is at least sometimes necessary for the good to suffer and the wicked to thrive. Anything less would eliminate free choice.
I’m not the boss (Ch 7) - Howard Jonas

Success is not a reward. Sometimes it’s just a sign of having tried hard and often
I’m not the boss (Ch 10) - Howard Jonas

I am proud to note that we hire and promote on merit only, and because of that we have a team of exceptional Canadians who happen to have diverse backgrounds.
Ken Rotman, Chief Executive Officer of Clairvest, Annual Report 2022

Until next time, stay cool & stay invested!