Cowardice asks the question: “Is it safe?”
Expediency asks the question: “Is it politic?”
Vanity asks the question: “Is it popular?”
But conscience asks the question: “Is it right?”
And there comes a time, when one must take a position that is neither safe, nor politic, nor popular but he must take it because conscience tells him it is right.
Martin Luther King jr. – American civil rights activist and pastor, Nobel Peace Prize 1964 (1929-1968), from his speech “A Proper Sense of Priorities”, held in Washington on February 6th, 1968, Quotations book 2017
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It is much more easy to have sympathy with suffering, than it is to have sympathy with thought. Accordingly, with admirable though misdirected intentions, they very seriously and very sentimentally set themselves to the task of remedying the evils that they see. But their remedies do not cure the disease, they merely prolong it. Indeed, their remedies are part of the disease..
Oscar Wilde – Irish writer (1854-1900), from “The Soul of Man under Socialism” (1891), Quotations book 2004
https://normanrentrop.de/wp-content/uploads/2014/05/normanrentrop-w.png00Christoph Niemannhttps://normanrentrop.de/wp-content/uploads/2014/05/normanrentrop-w.pngChristoph Niemann2015-07-09 17:34:062015-11-02 13:29:58Sympathy with suffering
Our record of persuading decent, intelligent people to stop doing dumb things is very poor. (Munger added, “Worse than poor.”) When people want to do something, they do it. When someone rises to be CEO, he doesn’t want to hear a shareholder telling him that his latest idea is dumb.
It’s better to be in a business with management you’re simpatico with than in a great business in which this isn’t the case.
We’ve learned more about human nature than understanding businesses in our long-term experience.
Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), at the general assembly 2001, Quotations book 2002
The directors of companies, however, being the managers rather of other people’s money than of their own, it cannot well be expected that they should watch over it with the same anxious vigilance (…) .
Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company.
Adam Smith – English economist (1723-1790), from “n Inquiry into the Nature and Causes of the Wealth of Nations”, Book V, Chapter 1, Part 3 (1776)
My material success was not to be attributed to what I have known or done myself, but to the faculty knowing and choosing others who did know better than myself. Precious knowledge this for any man to posses. I did not understand (for example) steam machinery, but I tried to understand that much more complicated piece of mechanism – man.
Andrew Carnegie – Scottish-born American steel entrepreneur (1835-1919), Quotations book 2003
Benjamin Disraeli – English writer and politician, 1868 and 1874-80 Prime Minister (1804-1881), feam a banquet speech at the National Union of Conservative and Constitutional Associations on June 24th, 1872
Don’t store your profits here on earth, they can erode away or be stolen. Store them in heaven where they will never lose their value, and are safe from thieves! If your profits are in heaven your heart will be there too.
The Bible, Matthew 6:19-21 (N.N.) – Quotations book 2006
adage, often attributed to William Penn Adair “Will” Rogers – American humorist (1879-1935), could not be verified by the Will Rogers Memorial Museum & Birthplace Ranch
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It’s not that I am smart, it’s just that I stay with problems longer.
Wisdom – often falsely attributed to Albert Einstein, Quotations book 2009
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Al Scalpone – American author and scriptwriter (1913-2000), Quotations book 2013
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MBA students come out with: “My staff is my most important asset.” Bullshit. Staff is usually your biggest cost. We all employ some lazy bastards who needs a kick up the backside, but no one can bring themselves to admit it.
Michael O’Leary – Irish businessman, who made Ryanair one of the largest European airlines (b. 1961)
The Bible, Galatians 6:7 (ESV) – Quotations book 2016
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(Benjamin Graham) wasn’t about brilliant investments and he wasn’t about fads or fashion. He was about sound investing and I think sound investing can make you very wealthy if you’re not in too big of a hurry. And it never makes you poor, which is better.
Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930)
The strength to decide big matters comes from a continuous reflection upon the small matters.
Gerd Bucerius – German publisher (1906-1995), Quotations book 2005 + 2011
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1. Trust yourself.
2. Break some rules.
3. Don’t be afraid to fail.
4. Ignore the naysayers.
5. Work like hell.
6. Give something back.
Arnold A. Schwarzenegger – Austrian-born American actor, bodybuilder and politician, 2003-11 Governor of California (b. 1947), in his commencement speech at the University of California (May 15th, 2009), Quotations book 2017
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Someone’s sitting in the shade today because someone planted a tree a long time ago.
Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2002
https://normanrentrop.de/wp-content/uploads/2014/05/normanrentrop-w.png00Christoph Niemannhttps://normanrentrop.de/wp-content/uploads/2014/05/normanrentrop-w.pngChristoph Niemann2015-07-09 15:25:112015-11-02 13:30:02Sitting in the shade
We both insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think. So Warren and I do more reading and thinking and less doing than most people in business. We do that because we like that kind of life. But we´ve turned that quirk into a positive outcome for ourselves.
Charlie Munger – Vice Chairman of Berkshire Hathaway (b. 1924), Quotations book 2013
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God’s native language is silence, the church fathers say. Silence is God’s voice, and that voice says, “I love you, I love you, I love you.” For silence is the space that God has made within his Being for us to be. This is love: to let the other be, to open a space within self for other. Silence is that space within God’s being where we are able to be. So, when we hear silence, we are listening to God tell us that he loves us enough to make room within himself for us.
Mahatma Gandhi – Indian politician (1869-1948), Quotations book 2007
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If you renounce the powerful motor of profit-striving you have to put another power in its place: service in the religious sense. That is solid ground and brings blessings which we feel thankfully every day. Living and believing in the midst of all the indifference – that is the great experience.
Celui qui renonce au puissant moteur du gain doit le replacer par une autre puissance: servir dans le sens de la foi. C’est une base solide qui apporte le bonheur que nous ressentons, chaque jour, avec reconnaissance. Vivre et croire, entouré de tant d’indifférence, est une expérience merveilleuse.
Gottlieb Duttweiler – Swiss entrepreneur, founder of Migros (1888-1962), in „Wir Brückenbauer“ (May 16th, 1958), Quotations book 2017
Remember this: you can’t serve God and money but you can serve God with money.
Selwyn Hughes – English pastor and author, founder of the christian publishing company CWR (1928-2006), from “Service in the Eighth Degree – A biblical perspective on giving”
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Since the Industrial Revolution began, going downstream – investing in businesses that will benefit from new technology rather than investing in the technology companies themselves – has often been the smarter strategy.
Ralph Wanger – American fund manager (b. 1934), Quotations book 2019
https://normanrentrop.de/wp-content/uploads/2014/05/normanrentrop-w.png00Christoph Niemannhttps://normanrentrop.de/wp-content/uploads/2014/05/normanrentrop-w.pngChristoph Niemann2017-08-06 14:33:102019-04-23 17:50:42Sell eqipment instead of digging for gold
The hourly wages are in fact four times higher in Denmark, but our employees there are four times as productive as their colleagues in Hungary and the Czech Republic as well. Labour costs only make up one third of the production costs. In Billund for example we need only one executive for 80 employees because they are highly qualified and can lead themselves.
First, you need two piles. You have to segregate businesses you can understand and reasonably predict from those you don’t understand and can’t reasonably predict. An example is chewing gum versus software. You also have to recognize what you can and can not know. Put everything you can’t understand or that is difficult to predict in one pile. That is the too hard pile.
Once you know the other pile, then its important to read a lot, learn about the industries, get background information, etc. on the companies in those piles. Read a lot of 10Ks and Qs, etc. Read about the competitors.
I don’t want to know the price of the stock prior to my analysis. I want to do the work and estimate a value for the stock and then compare that to the current offering price. If I know the price in advance it may influence my analysis..
following Warren Buffett – American value investor, Chairman of Berkshire Hathaway (b. 1930), Quotations book 2013