The margin of safety is always dependent on the price paid.
The essence of investment management is the management of risks, not the management of returns.
You can never cross the ocean unless you have the courage to lose sight of the shore.
Failure is an option here. If things are not failing, you are not innovating enough.
To dare is to lose one's footing momentarily. Not to dare is to lose oneself.
What would life be if we had no courage to attempt anything?
The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reason for remaining ashore.
He who is not courageous enough to take risks will accomplish nothing in life.
Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1.
Risk comes from not knowing what you're doing.
Only when the tide goes out do you discover who's been swimming naked.
When you play a game of thrones you win or you die. There is no middle ground.
The alternating current will kill people, of course. So will gunpowder, and dynamite, and whisky.
A successful enterprise depends upon men who, having the means, have the will to risk them.
The sea is dangerous and its storms terrible, but these obstacles have never been sufficient reason to remain ashore.
If you cannot fail, you cannot learn.
If you aren't experiencing failure, then you are making a far worse mistake: you are being driven by the desire to avoid it.
The three most harmful addictions are heroin, carbohydrates, and a monthly salary.
The riskiest thing we can do is just maintain the status quo.
