Cowardice shuts the eyes till the sky is not larger than a calf-skin: shuts the eyes so that we cannot see the horse that is running away with us; worse, shuts the eyes of the mind and chills the heart.
It is necessary to prepare and to plan so that we don’t fritter away our lives. Without a goal, there can be no real success. One of the best definitions of success I have ever heard goes something like this: success is the progressive realization of a worthy ideal. Someone has said the trouble with not having a goal is that you can spend your life running up and down the field and never cross the goal line.
People cleave to their worldly possessions and selfish passions so blindly as to sacrifice their own lives for them. They are like a child who tries to eat a little, honey smeared on the edge of a knife. The amount is by no means sufficient to appease his appetite, but he runs the risk of wounding his tongue.
Sickness is poor-spirited, and cannot serve anyone; it must husband its resources to live. But health or fullness answers its own ends, and has to spare, runs over, and inundates the neighborhoods and creeks of other men's necessities.
To move is to stir, and to be valiant is to stand; therefore, if tou art mov'd, thou runst away. (To be angry is to move, to be brave is to stand still. Therefore, if you're angry, you'll run away.)
We say we are trying to buy into businesses with excellent economics, run by honest and able people at a decent price. We buy very few securities, so we look at it as "focused" investing.
I was never great, but I was a good [basketball] player, and I could play seriously. Now I'm like one of these old guys who's running around, and the guys I play with, who are all a lot younger, they sort of pity me and sympathize with me. They tolerate me, but we all know that I'm the weak link on the court. And I don't like being the weak link.
There are certain truths which stand out so openly on the roadsides of life, as it were, that every passer-by may see them. Yet, because of their obviousness, the general run of people disregard such truths or at least they do not make them the object of any concious knowledge. People are so bliend to some of the simplest facts in everyday life that they are highly surprised when somebody calls attention to what everybody ought to know.
The fact that the infrastructure is falling apart is not necessarily because it's built poorly. The New York City subways were built in 1903. The fact that they're still running at all is an enormous success. The fact that New York City's bridges have held up as long as they have is extraordinary, and the engineers didn't have computers to tell them about tolerance. They overbuilt these things - traffic on them is like an ant on an elephant.
If we start deciding, based on guesses or emotions, whether we will or won't participate in a business where we should have some long run edge, we're in trouble.