Intelligent investors

Intelligent Investors try to separate their emotions of hope, fear, and greed from their trust in reason, and then expect that wisdom will prevail over the long term. Hope, fear, and greed go along with the volatile market of short-term expectations, while trust in reason goes with the real market of long-term intrinsic value. In this sense, long-term investors must be philosophers rather than technicians.

John C. Bogle – American author and founder of The Vanguard Group and the world’s first index mutual fund (1929-2019), Quotations book 2020

The social market

I mean by that that the market economy as such is social, not that it needs to be made social.

attributed to Dr. Ludwig Erhard – German politician (CDU), 1963-66 Bundeskanzler, father of the social market economy and the “German Wirtschaftswunder” (1897-1977), quoted by Friedrich August von Hayek (Austrian economist and social philosopher, Nobel Memorial Prize in economic sciences 1974, 1899-1992) in an interview with the “Encounter” (May 1983), Quotations book 2020


Men make decisions, boys want it all.

English proverb – Quotations book 2020


It’s a good idea to review past mistakes before committing new ones.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), from “Warren Buffett on Business: Principles from the Sage of Omaha” (2009), Quotations book 2020


Act as if what you do makes a difference. It does.

attributed to William James – American philosopher and psychologist (1842-1910), Quotations book 2020


Attitude is the “little” thing that makes the big difference.

Zig Ziglar – American author, motivational speaker and entrepreneur (1926-2012), from “See You At The Top” (1975), Quotations book 2020

Brief and clear

Whatever you are teaching be brief so that impressionable minds may readily understand what you’ve said, and hold fast to it.

Quidquid praecipies, esto brevis, ut cito dicta, percipiant animi dociles teneantque fideles.

Quintus Horatius Flaccus (Horaz) – Roman writer (65-8 B.C.), from “Ars poetica” 335 (c. 19 B.C.), Quotations book 2020

Great love

Not all of us can do great things. But we can do small things with great love.

slogan of nursing – Quotations book 2020


Freedom is not fun. … It is responsible choice.

Peter F. Drucker – Austrian-born American management expert (1909-2005), from “The Future of Industrial Man” (1942), Quotations book 2020


I am created to do something or to be something for which no one else is created; I have a place in God’s counsels, in God’s world, which no one else has; whether I be rich or poor, despised or esteemed by man, God knows me and calls me by my name.

John Henry Cardinal Newman – English Catholic clergyman (1801-1890), from his meditation “Hope in God—Creator” fom March 7, 1848, published in “Meditations and Devotions”, Part III, “Meditations on Christian Doctrine” (1893), Quotations book 2020


When someone dreams alone, it is just a dream.
When we dream together, it is the beginning of a new reality.

Raul Seixas – Brazilian musician (1945-1989), lyrics of “Prelúdio” (1974), Quotations book 2020

Sonho que se sonha só, e só um sonho que se sonha só.
Mas sonho que se sonha junto é realidade.

Raul Seixas – músico brasileiro (1945-1989), letras para “Prelúdio”, Livro de cotações 2020

Watchword 2020

I do believe; help me overcome my unbelief!

The Bible, Marcus 9:24 (NIV) – Quotations book 2020

The Protestant pastor and song writer Otto Riethmüller (1889-1939) – he belonged to the Confessing Church – decided in 1930 under the impression of the Nacional Socialism’s propaganda, to give henceforth every calendar year a headline with a Bible verse. An act of civil courage! He has established a tradition that still exists today. Meanwhile, the annual solution is set by the Ecumenical Association for Bible Reading (Ökumenische Arbeitsgemeinschaft für Bibellesen) three years in advance.


The woods would be very silent if no bird sang but those that sing best.

Elizabeth Charles – English writer (1828-1896), from “The Two Vocations or The Sisters of Mercy at Home” (1858), Quotations book 2020

Unconventionally successful

Unconventional behavior is the only road to superior investment results, but it isn’t for everyone. In addition to superior skill, successful investing requires the ability to look wrong for a while and survive some mistakes.

Howard S. Marks – American investor, Co-Chairman Oaktree Capital Management (b. 1946), in his memo to Oclients (April 8th 2014), Quotations book 2020


L’âge ne vous protège pas de l’amour. Mais l’amour vous protège de l’âge.

de France – Brochure de citation 2020


Любить — видеть человека таким, каким его задумал Бог.

Мари́на Ива́новна Цвета́ева – Русский Люрикер (1892-1941), в журнале (3-го октябpя 1918 г.), Цитата буклет 2020

To love someone means to see him as God intended him.

Marina Ivanovna Tsvetaeva – Russian poet (1892-1941), from a diary notice (October 3rd, 1918), Quotations book 2020


Leadership means reaching goals consistently, with the team, and doing things right.

Liderar é bater metas consistentemente, com o time e fazendo certo.

Vicente Falconi Campos – Brazilian management consultant (b. 1940), from “True Power – Management Practices for Revolutionary Results” (2010), Quotations book 2020

Righteous judgement

Do not judge according to appearance, but judge with righteous judgment.

The Bible, John 7:24 (NASB) – Quotations book 2020


The real secret of success is enthusiasm.

Walter P. Chrysler – American company founder (1875-1940)

Never quit

Winners never quit, and quitters never win

Vince Lombardi – legendary American football coach (1913-1970), Quotations book 2020


You’re lucky in life if you have the right heroes. … Pick out a few heroes. There’s nothing like the right ones.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2020


Simplicity has a way of improving performance.

Charlie Munger – Vice Chairman of Berkshire Hathaway (b. 1924), Quotations book 2020

Role models

It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2020


Grace is loving people for who they are, where they are. It’s loving people before they change, not just after they change.

Mark Batterson – American pastor and author (b. 1969), from “All In: You Are One Decision Away From a Totally Different Life” (2013), Quotations book 2020


A goal is a dream with a deadline.

Napoleon Hill – American writer: “Think And Grow Rich” (1883-1970), Quotations book 2020

Know your past

Only those who know the past have a future.

attributed to Wilhelm von Humboldt – Prussiian scholar, writer and statesman (1767-1835), allegedly said during a journey to Paris in 1789, Quotations book 2020

No source could be verified by the Wilhelm von Humboldt foundation.

Christus bruger Efterfølgere, ikke Beundrere

Det er nu bekjendt nok, at Christus bestandigt bruger det Udtryk: Efterfølgere; han taler aldrig om, at han forlanger: Beundrere, tilbedende Beundrere, Tilhængere; og naar han bruger det Udtryk: Disciple, forklarer han det altid saaledes, at man seer, derved forstaaes Efterfølgere, at det ikke er Tilhængere af en Lære, men Efterfølgere af et Liv.

It is well known that Christ consistently used the expression follower. He never asks for admirers, worshippers, or adherents. No, he calls disciples. It is not adherents of a teaching but followers of a life Christ is looking for.

Søren Aabye Kierkegaard – Danish Protestant theologian an philosopher (1813-1855), known as one of the most important academics in Denmark, from his essay “Practice in Christianity” (“Indøvelse i Christendom”, 1850), Quotations book 2020

Decide brave

Most decisions should probably be made with somewhere around 70% of the information you wish you had. If you wait for 90%, in most cases, you’re probably being slow.

Jeffrey P. “Jeff” Bezos – American company founder: Amazon (b. 1964), in his letter to the shareholders (2016), Quotations book 2020

Bevore you …

Before you speak, listen.
Before you write, think.
Before you spend, earn.
Before you invest, investigate.
Before you criticize, wait.
Before you pray, forgive.
Before you quit, try.
Before you retire, save.
Before you die, give.

William Arthur Ward – American writer (1921-1994), from his poem “Before You” (1963), Quotations book 2020

Keep on task

Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard. If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), in his letter to Berkshire Shareholders (2013), Quotations book 2020

Three Rules for success

1. Work hard. Life is 80 percent chance, 10 percent brain and 10 percent hard work.
2. Be and stay honest.
3. Be loyal to others.

motto by John H. Slade – born Hans Schlesinger, German born American hockey player and Wallstreet broker (1908-2005), Quotations book 2020

Invest brave

When you see it, bet big.

Stanley F. “Stan” Druckenmiller – American investor, hedge fonds manager and philanthropist (b. 1953), in his speech at the “Lost Tree Club” (01/18/2015), Quotations book 2020


Haec enim est una virtus non solum maxima sed etiam mater virtutum.

[Gratitude] is not only the greatest, but is also the parent of all the other virtues.

Marcus Tullius Cicero – Roman politician (106-43 B.C.), from his oratio “Pro Cn. Plancio” (54 B. C.), Quotations book 2020


Notre Communauté […] n’était pas, elle non plus, somme de nos intérêts – elle était somme de nos dons.

Antoine de Saint-Exupéry –  écrivain, et aviateur français (1900-1944), de “Pilote de guerre” (1942), Brochure de citation 2020


I love people that burn, that burn from the inside.

Christian A. W. Berner- German graduate economist and entrepreneur, CEO Berner Group (b. 1984), Quotations book 2020


If, when making a stock investment, you’re not considering holding it at least ten years, don’t waste more than ten minutes considering it.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2020

Experience beats money

When a person with money meets a person with experience, the person with the experience winds up with the money, and the person with the money winds up with the experience.

business wisdom – Quotations book 2020

Child in the manger

Once you have taken in the sight of the beautiful child in the manger – take your time, do not hurry away.
First make his eyes your eyes, his ears your ears and his mouth your mouth.
Make his hands your hands, his smile your smile and his greeting your greeting.
Then you will recognize your sister, your brother, in every person.
And as you dry their tears and share their joy, God’s Son is also born in you and you may rejoice.

Christmas thoughts, often attributed to Marisa Roos – German poet, Quotations book 2020


You don’t have to be a genius or a visionary or even a college graduate to be successful. You just need a framework and a dream.

Michael S. Dell – American investor and company founder (b. 1965), quoted in “The Entrepreneur” (October 13th, 2012), Quotations book 2020

Do it yourself

Listen and you will forget.
Write it down and you will remember.
Do it yourself and you will understand.

Credo the energetic – Quotations book 2020

Who looks for wind, has to stand for storms

Is there any ocean upon which a ship can sail in which it shall be quite sure that no storms will arise?

Charles Haddon Spurgeon – English Baptist pastor (1834-1892), from his sermon #2098 “Where Are You Going?” (August 4th, 1889), Quotations book 2020


The problem of leadership is that it requires inner development; you can’t just be a leader because you read a lot of books.

Fred Kofman – Argentine adviser, coach and writer (b. 1960), from an interview with the Knowledge@Wharton show on “Wharton Business Radio”, SiriusXM channel 111 (18th July 2018), Quotations book 2020


Each learns more readily, and retains more willingly, what makes him laugh than what he approves of and respects.

Discit enim citius meminitque libentius illud
quod quis deridet quam quod probat et veneratur.

Quintus Horatius Flaccus (Horaz) – Roman writer (65-8 B.C.), from “Epistularum liber secundus” (c. 14 B.C.), Quotations book 2020


Omnia, quae fiunt in toto mundo, in spe fiunt.

Martin Luther – German reformatorian (1483-1546), from his speech N° 38, published in “Luthers Werke in Auswahl”, Book eight (1930), Quotations book 2020


A smile is the universal welcome.

Max Eastman – American writer (1883-1969), from “The Sense of Humor” (1921), Quotations book 2020


Never acquire a business, however good it may appear to be, unless you are either guaranteed continuity of management or you are in a position to replace the management immediately with people in whose capacity you are confident and whom you can trust.

Charles Carmine Forte, Baron Forte – British caterer and hotelier (1908-2007), from “Forte: The Autobiography of Charles Forte” (1986), found by Dr. Markus Elsässer (German investor, b. 1956), Quotations book 2020


All there is to investing is picking good stocks at good times and staying with them as long as they remain good companies.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), from “Warren Buffett Triples Profits”, “New York Post” (May 14, 1994), Quotations book 2020

Escaping the old

The difficulty lies, not in the new ideas, but in escaping from the old ones.

John Maynard Keynes – British economist and investor (1883-1946), from “The General Theory of Employment, Interest and Money” (1936), Quotations book 2020

Five basic operations of a manager

A manager sets objectives.
A manager organises.
A manager motivates and communicates.
A manager establishes measuring yardsticks.
A manager develops people.

Peter F. Drucker – Austrian-born American management expert (1909-2005), from “The Practice of Management” (1954), Quotations book 2020

Read to survive?

Dinosaurs didn’t read, now the’re extinct. Coincidence?

rhetorical question

Big God

Do not tell God you have a big problem!
Tell your problem you have a big God!

wisdom – Quotations book 2020


The difference between a successful person and a failure often lies in the fact that the successful man will profit by his mistakes and try again in a different way.

Dale Carnegie – born Dale Carnagey, American author and personality coach (1888-1955), Quotations book 2020

Truth makes free

Jesus Christ says: The truth will set you free.

The Bible, John 8:32 (NIV) – Quotations book 2020


It is not the perfect, but the imperfect, who have need of love.

Oscar Wilde – Irish writer (1854-1900), from “An Ideal Husband” (1899), Quotations book 2020


There’s nothing in the Ten Commandments forbidding old ladies to climb trees, is there?

Astrid Lindgren – Swedish writer (1907-2002), happily to a film crew during the production of the television film “Tuffa gumman” (“The Tough Old Lady”, 1979), Quotations book 2020

Det står väl inte i Mose lag att gamla kärringar inte får klättra i träd!

Astrid Lindgren – svensk författare (1907-2002), glatt till filmteamet under inspelningen av tv-filmen “Tuffa gumman” (1979), citat broschyr 2020

Strong beliefs

Strong beliefs win strong men, and then make them stronger.

Walter Bagehot – English economist and author, editor in chief of “The Economist” (1826-1877), from “Physics and Politics Or Thoughts on the Application of the Principles of Natural Selection and Inheritance to Political Society” (1872), Quotations book 2020

Dealing with criticism

Critics will see you walk on water and say it is because you cannot swim.

Jan-David Golze – German business development expert,, Quotations book 2020


Experience teaches us that love does not mean to look into each other’s eyes, but to look together in the same direction.

Antoine de Saint-Exupéry – French aviator and writer (1900-1994), from “Wind, Sand, and Stars” (“Terre des Hommes, 1939), Quotations book 2020

L’expérience nous montre qu’aimer ce n’est pas nous regarder l’un l’autre mais regarder ensemble dans la même direction.

Antoine de Saint-Exupéry – écrivain et aviateur français (1900-1944), de “Terre des Hommes” (1939), Brochure de citation 2020


It is better to point out your own mistakes than have somebody else do it.

Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), in an interview with “The Telegraph” (“My elephant gun is loaded”, 22.9.2002), Quotations book 2020


In a time of drastic change it is the learners who inherit the future. The learned usually find themselves equipped to live in a world that no longer exists.

Eric Hoffer – American writer and philosopher (1898 or 1902-1983), from “Reflections on the Human Condition” (1973), Quotations book 2020


L’intuizione, è l’intelligenza che commette un eccesso di velocità.

proverbio italiano – Libretto delle citazioni 2020

Keep moving

A rolling stone gathers no moss.

proverb – Quotations book 2020