Obvious prospects for physical growth in a business do not translate into obvious profits for investors.
“As Graham puts it, “while enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster.”
― The Intelligent Investor
― The Intelligent Investor
“The historical odds of making money in U.S. markets are 50/50 over one-day periods, 68% in one-year periods, 88% in 10-year periods, and (so far) 100% in 20-year periods.”
― The Psychology of Money
― The Psychology of Money
“For then, if another bull market comes along, he will take the big rise not as a danger signal of an inevitable fall, not as a chance to cash in on his handsome profits, but rather as a vindication of the inflation hypothesis and as a reason to keep on buying common stocks no matter how high the market level nor how low the dividend return. That way lies sorrow.”
― The Intelligent Investor
― The Intelligent Investor
“Nowhere in any great library of the world did it say one had to let a mighty injustice occur before getting out of your chair. Better to parry the sword than heal the wound it made in the flesh.”
― The Dawn of Yangchen
― The Dawn of Yangchen
“Once you lose 95% of your money, you have to gain 1,900% just to get back to where you started.”
― The Intelligent Investor
― The Intelligent Investor
Justin’s 2025 Year in Books
Take a look at Justin’s Year in Books, including some fun facts about their reading.
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