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" All companies incur expenses, some of which are fixed and bear no relation to sales volumes. In this way, profits can grow at a faster rate than sales. "
" I have three lovely children. They are beautiful, talented, and kind-hearted. I'm most proud of them. I love them so much that I will never want to burden them with a large amount of inherited wealth. "
" Whatever you are is because of what your ancestors have done. "
" In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks? "
" I graduated from Columbia University in 1996 and founded my investment company in 1997, thus starting my professional investment career. "
" Mao Zedong's way was to make people crazy. It was like a religious cult. "
" Free market never succeeded without free men and free society. "
" Part of the game of investing is to come into your own. You must find some way that perfectly fits your personality because there is some element of a zero sum game in investing. If you buy, somebody else has to sell. And when you sell, somebody has to buy. You can't both be right. "
" You can't imagine a free market coupled with a dictatorship. "
" Without a free man, there is no free market. That's called exploitation. "
" Rock and roll was a revelation for me. "
Rock And Roll
" Investing is about predicting the future, and the future is inherently unpredictable. Therefore, the only way you can do better is to assess all the facts and truly know what you know and know what you don't know. That's your probability edge. "
" Management always has a big influence on your success, no matter how good or how bad the business is itself. "
" When I first came to Columbia University, I was dirt poor. I did not choose to come here - I just ended up here because I had nowhere else to go, having just escaped from China after Tiananmen. I was in a new country where I didn't understand the language, didn't know anybody, and didn't have a penny to my name. So I was desperate and afraid. "
" No dictatorship can be sustained within the context of an information revolution. "
" With free market and free man, if you remove one of them, it is not called capitalism in my dictionary. "
" For the vast majority of mankind's history, economic activity consisted of finding energy and using energy. "
" At various stages in my life, I could have stopped, or took the long rest. For some reason, my heart told me otherwise. I just kept going. Half of the time, I wasn't sure where I was heading. The other half, I was probably taking the wrong turns. No matter. "
" The game of investing is a process of discovering who you are, what you're interested in, what you're good at, what you love to do, then magnifying that until you gain a sizable edge over all the other people. "
What You Love
" I grew up in Communist China and never had much money to my name, and then, all of a sudden, I had giant student loans. "
" The financial crisis of 2008-09 was in large part the result of the so-called 'success' of people who did not understand their fiduciary duty. This kind of 'success' is extremely harmful to all of society. "
" The whole thing is, really, money makes money. That's the whole thing about capitalism. Without the capital, there is no -ism. "
" A 'competence' that has no defined borders cannot be called a true competence. "
" Tiananmen did not fail. "
" Everyone has blind spots, and even the brightest people are no exceptions. "
" To us, anyone who opposes dictatorship is our friend. Those who support it, our enemy. "
" In my 40s, the two cultures finally came to peace with one other inside me, and I have come to identify myself as both 100% Chinese and 100% American simultaneously. "
" I was born and grew up in China during the 1960s. "
" I was a college student in 1989 when I participated in the demonstration at Tiananmen Square. I was one of the organizers. "
" I think we Chinese are just as capable, as diligent, as hardworking, as peace-loving, and as creative as people everywhere. "
" Investing is about intellectual honesty. You want to know what you know. You want to know, mostly, what you don't know. "