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There is no reason to risk what you have and need for what you don’t have and don’t need.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
according to Graham, consists equally of three elements: you must thoroughly analyze a company, and the soundness of its underlying businesses, before you buy its stock; you must deliberately protect yourself against serious losses; you must aspire to “adequate,” not extraordinary, performance.
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
And it’s a reminder that buying funds based purely on their past performance is one of the stupidest things an investor can do.
Benjamin Graham • The Intelligent Investor, Rev. Ed (Collins Business Essentials)
The Smartest Investment Book You'll Ever Read: The Proven Way to Beat the "Pros" and Take Control of Your Financial Future
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The Intelligent Investor boiled Graham’s philosophy down to three words—“margin of safety.”24 An investor, he said, ought to insist on a gap—a big gap—between the price he was willing to pay and his estimate of what a stock was worth.
Roger Lowenstein • Buffett: The Making of an American Capitalist
