(a) "Worst loan made in up market"

• "What the wise man does in the beginning, the fool does in the end"

(b) "Psychology determines action taken upon conclusions derived from analysis"

• Brevity of financial memory
• Conformity to the herd
• Envy
• Fear of capitulation

(c) "Buy when they hate em, sell when they love em"

• Overpriced is different from will crash tomorrow
• Distinction between good asset and good buy

(d) "We may never know where we are headed but we should strive to know where we are"

(e) "Beating the market and superior investing are two different things"

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