If you understood a business perfectly and the future of the business, you would need very little in the way of a margin of safety. So, the more vulnerable the business is, assuming you still want to invest in it, the larger margin of safety you'd need. If you're driving a truck across a bridge that says it holds 10,000 pounds and you've got a 9,800 pound vehicle, if the bridge is 6 inches above the crevice it covers, you may feel okay, but if it's over the Grand Canyon, you may feel you want a little larger margin of safety.
The study of geography is about more than just memorizing places on a map. It's about understanding the complexity of our world, appreciating the diversity of cultures that exists across continents. And in the end, it's about using all that knowledge to help bridge divides and bring people together.
No one is more dangerously insane than one who is sane all the time: he is like a steel bridge without flexibility, and the order of his life is rigid and brittle.
What could be more advantageous in an intellectual contest - whether it be chess, bridge, or stock selection - than to have opponents who have been taught that thinking is a waste of energy?
When you build a bridge, you insist that it can carry 30,000 pounds, but you only drive 10,000-pound trucks across it. And that same principle works in investing.
In the firm expectation that when London shall be a habitation of bitterns, when St. Paul and Westminster Abbey shall stand shapeless and nameless ruins in the midst of an unpeopled marsh, when the piers of Waterloo Bridge shall become the nuclei of islets of reeds and osiers, and cast the jagged shadows of their broken arches on the solitary stream, some Transatlantic commentator will be weighing in the scales of some new and now unimagined system of criticism the respective merits of the Bells and the Fudges and their historians.
The world is a Bridge, pass over it, but build no houses upon it. He who hopes for a day, may hope for eternity; but the World endures but an hour. Spend it in prayer for the rest is unseen.
There are people who are so presumptuous that they know no other way to praise a greatness that they publicly admire than by representing it as a preliminary stage and bridge leading to themselves.
I stood in Venice, on the Bridge of Sighs; A palace and a prison on each hand; I saw from out the wave of her structure's rise As from the stroke of the enchanter's wand: A thousand years their cloudy wings expand Around me, and a dying Glory smiles O'er the far times, when many a subject land Look'd to the winged Lion's marble pines, Where Venice sate in state, throned on her hundred isles.
As long as you still have one bridge left, nothing is lost. But from the moment that you cannot even understand the storytelling or the music of other cultures anymore, then we become strangers to each other and the situation will become very complicated.
To go out of your mind once a day is tremendously important, because by going out of your mind you come to your senses. And if you stay in your mind all of the time, you are over rational, in other words you are like a very rigid bridge which because it has no give; no craziness in it, is going to be blown down by the first hurricane.
The thing I'd really like to see is the old London Bridge, with all the old buildings around it like Shakespeare's Globe. I'd like to walk along that. Don't worry, I won't get drunk and fall in.
As long as you still have one bridge left, nothing is lost. But from the moment that you cannot even understand the storytelling or the music of other cultures anymore, then we become strangers to each other and the situation will become very complicated.