Cognition

陽明取孟子良知之說，恐人徒事記誦，而必使之反己省心，所以救末流也 作善降祥，不善降殃，可見塵世之間，已分天堂地獄

人同此心，心同此理，可知庸愚之輩，不隔聖域賢關 最不幸者，為勢家女作翁姑。最難處者，為富家兒作師友

才覺已有不是，便決意改圖，此立誌為君子也 明知人議其非，偏肆行無忌，此甘心為小人也

存科名之心者，未必有琴書之樂 講性命之學者，不可無經濟之才

聰明勿使外散，古人有纊以塞耳，旒以蔽目者矣 耕讀何妨兼營，古人有出而負耒，入而橫經者矣

偶緣為善受累，遂無意為善，是因哽廢食也 明識有過當規，卻諱言有過，是護疾忌醫也

耳目口鼻，皆無知識之輩，全靠著心作主人 身體髮膚，總有毀壞之時，要留個名稱後世

一室閑居，必常懷振卓心，才有生氣 同人聚處，須多說切直話，方見古風

一行足以玷終身，故古人飭躬若璧，惟恐有瑕疵也 以漢高祖之英明，知呂後必殺戚姬，

而不能救止，蓋其禍已成也 以陶朱公之智計，知長男必殺仲子，

有真性情須有真涵養。有大識見乃有大文章 有守雖無所展布，而其節不撓，故與有猷有為而並重

為學無間斷，如流水行雲，日進而不已也 友以成德也，人而無友，則孤陋寡聞，德不能成矣

學以愈愚也，人而不學，則昏昧無知，愚不能愈矣 言不可盡信，必揆諸理。事未可遽行，必問諸心

顏子之不校，孟子之自反，是賢人處橫逆之方 子貢之無諂，原思之坐弦，是賢人守貧窮之法

無年非夭，無述乃為夭。無子非孤，無德乃為孤 誤用聰明，何若一生守拙。濫交朋友，不如終日讀書

伍子胥報父兄之仇而郢都滅，申包胥救君上之難而楚國存，可知人心足恃也 秦始皇滅東周之歲而劉季生，梁武帝滅南齊之年而侯景降，可知天道好還也

為學不外靜敬二字。教人先去驕惰二字 為鄉鄰解紛爭，使得和好如初，即化人之事也

為世俗談因果，使知報應不爽，亦勸善之方也 為善之端無盡，只講一讓字，便人人可行

立身之道何窮，只得一敬字，便事事皆整 為人循矩度，而不見精神，則登場之傀儡也

誌道據德，依仁遊藝，孔門為學之序也，今但學其藝而已 穩當話，卻是平常話，所以聽穩當話者不多

聖人不責人無過，惟多方誘之改過，庶人心可回也 與朋友交遊，須將他好處留心學來，方能受益

What is elementary, worldly wisdom? Well, the first rule is that you can't really know anything if you just remember isolated facts and try and bang…

The stock market is a voting machine rather than a weighing machine. It responds to factual data not directly but only as they affect the decisions…

What are the models? Well, the first rule is that you've got to have multiple models—because if you just have one or two that you're using, the…

And the models have to come from multiple disciplines—because all the wisdom of the world is not to be found in one little academic department.

But you have to know enough about it to understand its limitations—because although accounting is the starting place, it's only a crude approximation.

I’m not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people do who are supporting…

There is no close time connection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices.

The essential point is that security analysis does not seek to determine exactly what is the intrinsic value of a given security.

It is our view that stock-market timing cannot be done, with general success, unless the time to buy is related to an attractive price level, as…