The market is a pendulum that forever swings between unsustainable optimism (which makes stocks too expensive) and unjustified pessimism (which makes them too cheap). The intelligent investor is a realist who sells to optimists and buys from pessimists.

You may not control all the events that happen to you, but you can decide not to be reduced by them.

The historian must be impartial, but not indifferent.

人类个体自由探索的思想是世界上最宝贵的东西。