“The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it. In stating this opinion, we define risk, using dictionary terms, as "the possibility of loss or injury."”

— Warren Buffett

1993 Chairman's Letter http://www.berkshirehathaway.com/letters/1993.html
Letters to Shareholders (1957 - 2012)

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Warren Buffett 146

American business magnate, investor, and philanthropist 1930

Constantinos C. Markides (1960) Cypriot business theorist

Source: "Related diversification, core competences and corporate performance", 1994, p. 149

“The firm-as-portfolio model implies both a practice (growth through diversification) and a form (the conglomerate). Unrelated diversification entails buying businesses in industries that are neither potential buyers, suppliers, competitors, or complements to the firm’s current business.”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 229

“For the world to follow, we must do more than rattle our sabers and demand allegienace to our vision simply because we believe we are right. We must provide a reason for others to aspire to that vision. And that reason must come with more than the repetition of a bumper-sticker phrase about freedom and democracy. It must come with more than the restatement of failed policy. It must come with the wisdom to admit when we are wrong and resolve to change course and get it right.”

Joe Biden (1942) 47th Vice President of the United States (in office from 2009 to 2017)

Page 353
2000s, Promises to Keep (2008)

“It’s simply to say that managers and investors alike must understand that accounting numbers is the beginning, not the end, of business valuation.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

1982 Chairman's Letter http://www.berkshirehathaway.com/letters/1982.html
Letters to Shareholders (1957 - 2012)

“Most of us view the world as more benign than it really is, our own attributes as more favorable than they truly are, and the goals we adopt as more achievable than they are likely to be. We also tend to exaggerate our ability to forecast the future, which fosters overconfidence. In terms of its consequences for decisions, the optimistic bias may well be the most significant cognitive bias. Because optimistic bias is both a blessing and a risk, you should be both happy and wary if you are temperamentally optimistic.”

Daniel Kahneman (1934) Israeli-American psychologist

Bias, Blindness and How We Truly Think (Part 1): Daniel Kahneman, bloomberg.com, 24 October 2011, 15 May 2014 http://www.bloomberg.com/news/2011-10-24/bias-blindness-and-how-we-truly-think-part-1-daniel-kahneman.html,
"Bias, Blindness and How We Truly Think" (2011)

“It is therefore necessary to state what are the means which in our opinion lead to our desired ends, and which we propose to adopt.”

Errico Malatesta (1853–1932) Italian anarchist

An Anarchist Programme (1920)

“Whatever policy we adopt, there must be an energetic prosecution of it. For this purpose it must be somebody's business to pursue and direct it incessantly.”

William H. Seward (1801–1872) American lawyer and politician

Memorandum to President Abraham Lincoln (1 April 1861).

“We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can't have both.”

Louis Brandeis (1856–1941) American Supreme Court Justice

As quoted by Raymond Lonergan in Mr. Justice Brandeis, Great American (1941), p. 42.
Extra-judicial writings

“I am under no illusion that our present strategy of using means short of total war to achieve our ends and oppose communism is a guarantee that a world war will not be thrust upon us. But a policy of patience and determination without provoking a world war, while we improve our military power, is one which we believe we must continue to follow….
Under present circumstances, we have recommended against enlarging the war from Korea to also include Red China. The course of action often described as a limited war with Red China would increase the risk we are taking by engaging too much of our power in an area that is not the critical strategic prize.
Red China is not the powerful nation seeking to dominate the world. Frankly, in the opinion of the Joint Chiefs of Staff, this strategy would involve us in the wrong war, at the wrong place, at the wrong time, and with the wrong enemy.”

Omar Bradley (1893–1981) United States Army field commander during World War II

Testimony before the Senate Committees on Armed Services and Foreign Relations (15 May 1951), published in Military Situation in the Far East, hearings, 82d Congress, 1st session, part 2 (1951), p. 732.
Variation: "… a wrong war at the wrong place and against a wrong enemy."
Military Situation, p. 753.

“If we understand our own times, we will know that we should affirm the reality of God by challenging the domination of materialism and naturalism in the world of the mind. With the assistance of many friends I have developed a strategy for doing this. … We call our strategy the "wedge."”

Phillip E. Johnson (1940–2019) American Law clerk

Defeating Darwinism by Opening Minds, 1997, pp. 91-92
1990s

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