We assume that if we just get that promotion, or find that perfect partner, or move to that new city, we'll finally be happy. But research suggests that we're wrong about what will make us happy, and we're also wrong about how long that happiness will last.
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Most people think that if they just had more information, they'd make better decisions. But the problem is rarely informational — it's structural. The question isn't 'what do I know?' but 'what am I incentivized to see?'
Charlie Munger — Poor Charlie's Almanack
The market can stay irrational longer than you can stay solvent, but the truly dangerous corollary is that you can be right about the business and still go broke because you were wrong about the timing. Patience without a balance sheet to survive on is just wishful thinking.
Seth Klarman — Margin of Safety
The tendency to claim God as an ally for our partisan values and ends is one of the most childish, as it is one of the most universal, of human follies.
Reinhold Niebuhr — Moral Man and Immoral Society