Squibs Sample 2023

Sample 2023

"Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold."

— Buffet

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“If you're not willing to react with equanimity to a market decline of 50% two or three times a century, you're not fit to be a common shareholder and you deserve the mediocre result you're going to get compared to people who do have the temperament, who can be more philosophical about these market fluctuations.”

—Charles T. Munger, interviewed during The Great Panic of 2008-09

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“To suppose that the value of a common stock is determined purely by a corporation's earnings discounted by the relevant interest rates and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, risen to the defense of Joseph Stalin and believed Orson Welles when he told them over the radio that the Martians had landed.”

—James Grant, quoted by Morgan Housel in his essay “Does Not Compute”