Never forget the six-foot-tall man who drowned crossing the stream that was five feet deep on average. - Howard Marks

Forgetfulness is the catalytic germ of spontaneous creativity

If you've settled on the value approach to investing and come up with an intrinsic value for a security or asset, the next important thing is to hold it firmly. That's because in the world of investing, being correct about something isn't at all synonymous with being proved correct right away.

Expensive illogicalities and inefficiencies do not worry the monsters of American bureaucracy, and the taxpayers are enthusiastic and eager to spend fortunes in the name of fighting crime. Prison places cost the US taxpayer more than university places. The American belief that prisons are the best way to combat crime has led to an incarceration rate that is at least five times that of almost any industrialised nation. Overcrowding is endemic. Conditions are appalling, varying from windowless, sensory-deprived isolation to barren futile brutality.