Charlie Daniels Quotes

We've searched our database for all the quotes and captions related to Charlie Daniels. Here they are! All 100 of them:

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Why am I always looking at life through a window?
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Daniel Keyes (Flowers for Algernon)
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There are so many doors to open. I am impatient to begin." --Charlie Gordan
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Daniel Keyes (Flowers for Algernon)
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Just leave me alone. I'm not myself. I'm falling apart, and I don't want you here.
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Daniel Keyes (Flowers for Algernon)
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But I've learned that intelligence alone doesn't mean a damned thing. Here in your university, intelligence, education, knowledge, have all become great idols. But I know now there's one thing you've all overlooked: intelligent and education that hasn't been tempered by human affection isn't worth a damn...Intelligence is one of the greatest human gifts. But all too often a search for knowledge drives out the search for love...Intelligence without the ability to give and receive affection leads to mental and moral breakdown, to neurosis, and possibly even psychosis.
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Daniel Keyes (Flowers for Algernon)
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The only question now is: How much can I hang on to?
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Daniel Keyes (Flowers for Algernon)
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The answer can't be found in books - or be solved by bringing it to other people. Not unless you want to remain a child all your life. You've got to find the answer inside you - feel the right thing to do. Charlie, you've got to learn to trust yourself
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Daniel Keyes (Flowers for Algernon)
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The more intelligent you become the more problems you’ll have, Charlie.
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Daniel Keyes (Flowers for Algernon)
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All the barriers were gone. I had unwound the string she had given me, and found my way out of the labyrinth to where she was waiting. I loved her with more than my body.
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Daniel Keyes (Flowers for Algernon)
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Because I want to see. I've got to know what's going to happen while I'm still enough in control to be able to do something about it.
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Daniel Keyes (Flowers for Algernon)
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I may not have all the time I thought I had...
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Daniel Keyes (Flowers for Algernon)
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Downhill. Thoughts of suicide to stop it all now while I am still in control and aware of the world around me. But then I think of Charlie waiting at the window. His life is not mine to throw away. I've just burrowed it for a while, and now I'm being asked to return it.
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Daniel Keyes (Flowers for Algernon)
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And then I realize what Charlie's problem with Daniel is. He hates that Daniel doesn't hate himself. For all his uncertainties, Daniel is still more comfortable in his skin than Charlie will ever be in his.
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Nicola Yoon (The Sun Is Also a Star)
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On the Ideal Business - Buffett: β€œSomething that costs a penny, sells for a dollar and is habit forming.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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You want these back, don't you? You want me out of here so you can come back and take over where you left off. I don't blame you. It's your body and your brain-and your life, even though you weren't able to make much use of it. I don't have the right to take it away from you. Nobody does. Who's to say that my light is better than your darkness? Who's to say death is better than your darkness? Who am I to say?...
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Daniel Keyes (Flowers for Algernon)
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Here look at me. I'm Charlie, the son you wrote off the books? Not that I blame you for it, but here I am, all fixed up better than ever. Test me. Ask me questions. I speak twenty languages, living and dead; I'm a mathematical whiz, and I'm writing a piano concerto that will make them remember me long after I'm gone.
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Daniel Keyes (Flowers for Algernon)
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If investors only had to study the past, the richest people would be librarians.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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The feeling of cold grayness was everywhere around me-a sense of resignation. There had been no talk of rehabilitation, of cure, of someday sending these people out into the world again. No one had spoken of hope. The feeling was of living death-or worse, of never having been fully alive and knowing. Souls withered from the beginning, and doomed to stare into the time and space of every day.
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Daniel Keyes (Flowers for Algernon)
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Strauss again brought up my need to speak and wrtie simply and directly so that people will understand me. He reminds me that language is sometimes a barrier instead of a pathway. Ironic to find myself on the other side of the intellectual fence.
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Daniel Keyes (Flowers for Algernon)
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No, you don't understand because it isn't happening to you, and no one can understand but me. I don't blame you. You've got your job to do, and your Ph.D. to get, and-oh, yes don't tell me, I know you're in this largely out of love of humanity, but you've got your life to live and we don't happen to belong on the same level. I passed your floor on the way up, nad now I'm passing it on the way down, and I don't think I'll be taking this elevator again. So let's just say good-bye here and now.
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Daniel Keyes (Flowers for Algernon)
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I may soon be coming to Warren, tos pend the rest of my life with the others...waiting.
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Daniel Keyes (Flowers for Algernon)
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After you have enough for daily life, all that matters is your health and those you love.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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The most important thing had always been what other people thought-appearances before herself or her family. And righteous about it. Time and again Matt had insisted that what others thought about you wasn't the only thing in life. But it did no good. Norma had to dress well; the house had to have fine furniture; Charlie had to be kept inside so that other people wouldn't know anything was wrong.
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Daniel Keyes (Flowers for Algernon)
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He wished me luk. I hope I have luk. I got my rabits foot and my luky penny and my horshoe. Dr Strauss said dont be so superstishus Charlie. This is sience. I dont know what sience is but they all keep saying it so maybe its something that helps you have good luk.
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Daniel Keyes (Flowers for Algernon)
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Yet the industry asks for more money from investors every year. The idea is to find investments that give you money, not take it.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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The more intelligent you become the more problems you’ll have, Charlie. Your intellectual growth is going to outstrip your emotional growth.
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Daniel Keyes (Flowers for Algernon)
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The right manager can have an absolutely huge impact. Find people with brains, energy and integrity,
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Unlike Charlie, I was incapable of making friends or thinking about other people and their problems. I was interested in myself, and myself only. Fr one long moment in that mirror I had seen myself through Charlie's eyes - looked down at myself and saw what I had really become. And I was ashamed.
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Daniel Keyes (Flowers for Algernon)
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If I didn't understand what was happening at the time, he says, then it doesn't matter. I'm no more to blame than the knife is to blame in a stabbing, or the car in a collision. "But I'm not an inanimate object," I argued. "I'm a person." He looked confused for a moment and then laughed. "Of course, Charlie. But I wasn't referring to now. I meant before the operation." Smug, pompousβ€”I felt like hitting him too. "I was a person before the operation. In case you forgotβ€”" "Yes, of course, Charlie. Don't misunderstand. But it was different..." And then he remembered that he had to check some charts in the lab.
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Daniel Keyes (Flowers for Algernon)
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If there was ever a president who could be called our Charlie Browniest, it would be Andrew Johnson.
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Daniel O'Brien (How to Fight Presidents: Defending Yourself Against the Badasses Who Ran This Country)
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Ben Franklin’s advice: β€œKeep your eyes wide open before marriage and half shut thereafter.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Value is what a business is worth. Price is what you have to pay to get it.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Am I a genius? I don't think so. Not yet anyway. As Burt would put it, mocking the euphemisms of educational jargon, I'm exceptional-a democratic term used to avoid the damning labels of gifted and deprived (which used to mean bright and retarded) and as soon as exceptional begins to mean anything to anyone they'll change it. The idea seems to be: use an expression only as long as it doesn't mean anything to anybody. Exceptional refers to both ends of the spectrum, so all my life I've been exceptional.
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Daniel Keyes (Flowers for Algernon)
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One of Buffett’s annual themes is the value of learning. He noted that life properly lived is learning, learning, learning all the time. He observed that being wrong is when he learns the most.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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but what they don't understand is that I'm living at a peak of clarity and beauty I never knew existed. Every part of me is attuned to the work. I soak it up into my pores during the day, and at night-in the moments before I pass off to sleep-ideas explode into my head like fireworks. There is no greater joy than the burst of solution to a problem.
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Daniel Keyes
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And other times there would be tenderness and holding-close liek a warm bath, and hands stroking my hair and brow, and the words carved about the cathedral of my childhood: 'He's like all the other children. He's a good boy.
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Daniel Keyes (Flowers for Algernon)
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My studies are going well. The university library is my second home now. They've had to get me a private room because it takes me only a second to absorb the printed page, and curious students invariably gather around me as I flip through my books.
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Daniel Keyes (Flowers for Algernon)
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what’s wrong with a person wanting to be more intelligent, to acquire knowledge, and understand himself and the world?” β€œIf you’d read your Bible, Charlie, you’d know that it’s not meant for man to know more than was given to him to know by the Lord
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Daniel Keyes (Flowers for Algernon)
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Goodby Miss Kinnian and dr Strauss and evrybody ... P.S. please tel prof Nemur not to be such a grouch when pepul laff at him and he woud have more frends. Its easy to have frends if you let pepul laff at you. Im going to have lots of frends where I go. P.S. please if you get a chanse put some flowrs on Algernons grave in the bak yard
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Daniel Keyes (Flowers for Algernon)
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The Devil went down to Georgia, he was lookin' for a soul to steal. He was in a bind, 'cos he was way behind; he was willing to make a deal.
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Charlie Daniels (The Devil Went Down to Georgia)
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Holy smoke I reely pulled a Charlie Gordon that time.
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Daniel Keyes
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We’d buy great businesses with excellent management at a fair to bargain price and leave them alone.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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β€”Cuanto mΓ‘s inteligente te vuelvas, mΓ‘s problemas tendrΓ‘s, Charlie.
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Daniel Keyes (Flowers for Algernon)
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Munger claimed that it is because professors are so enamored by modern portfolio theory. For the man with a hammer, every problem looks like a nail.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Tom Murphy, CEO of Capital Cities/ABC and considered by Buffett to be the best business manager in the country, prays every day to be humble.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett continued, saying that MPT has no utility. It is elaborate with lots of little Greek letters to make you feel you are in the big leagues. The
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Munger noted that high profits on capital often rely on information inefficiencies.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett pointed out that when the investment tide goes out, you will see who has been swimming naked.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Are you content? If so, you can afford to ignore the condemnation of the crowd.
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Daniel Keyes (Algernon, Charlie, and I: A Writer's Journey)
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VocΓͺ nΓ£o pode construir um novo edifΓ­cio em uma Γ‘rea atΓ© destruir o que existia antes, e o antigo Charlie nΓ£o pode ser destruΓ­do. Ele existe.
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Daniel Keyes (Flowers for Algernon)
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I ain't askin' nobody for nothin'....so just leave this long haired country boy alone.
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Charlie Daniels Band
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Buffett gave two criteria for evaluating the performance of management: 1) How well do they run the business? and 2) How well do they treat the owners?
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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There are essentially five things public corporations can do with a dollar earned: reinvest in the business, acquire other businesses or assets, pay down debt, pay dividends, and/or buy in shares. Deciding
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Charlie and Daniel think money and happiness are not related. They don't know what poor is. They don't know that poverty is a sharp knife carving away at you. They don't know what it does to a body. To a mind.
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Nicola Yoon
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Buffett also noted that book value is seldom meaningful in analyzing the value of a business. Book value simply records what was put into the business. The key to calculating value is determining what will come out of the business.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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He laughed and then he got up from his chair and went to the window. "The more intelligent you become the more problems you'll have, Charlie. Your intellectual growth is going to outstrip your emotional growth. And I think you'll find that as you progress, there will be many things you'll want to talk to me about. I just want you to remember that this is the place for you to come when you need help.
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Daniel Keyes (Flowers for Algernon)
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Seeing Charlie huddled beneath the covers I wish I could give him comfort, explain to him that he has done nothing wrong, that it is beyond him to change his mother's attitude back to what it was before his sister came. There on the bed, Charlie did not understand what they were saying, but now it hurts. If I could reach out into the past of my memories, I would make her see how much she was hurting me.
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Daniel Keyes (Flowers for Algernon)
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The more intelligent you become the more problems you'll have, Charlie
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Daniel Keyes (Flowers for Algernon)
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Dr Strauss said dont be so superstishus Charlie. This is sience. I dont no what sience is but they all keep saying it so mabye its something that helps you have good luk.
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Daniel Keyes (Flowers for Algernon)
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The moat represents a barrier to competition and could be low production costs, a trademark, or an advantage of scale or technology.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Every year Buffett explains that he wants Berkshire to have great long-term shareholders and that splitting the stock would only work against that.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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So instead of copying, understand why they made the decisions they did. Then apply those insights to your own decisions and your own position.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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good quality corporate bonds yielding 10% or better with great call protection.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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In thinking about markets, it is important to remember that markets are there to serve you, not instruct you.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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With imports exceeding exports, the world is doing the savings for us. China, with a much higher savings rate, will grow faster than us, and it probably needs to do so.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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automatically compound. If you need cash, you can sell stock and pay capital gains tax at a lower rate than a dividend would be taxed.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett noted that he likes to put a lot of money in things he feels strongly about. Diversification makes no sense for someone who knows what they are doing.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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one key element of a wonderful business: the cost structure.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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For his successor, Buffett emphasized that proven capital allocation abilities would be the key.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett chimed in that running a budget deficit of 10% of GDP is not sustainable.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Both Buffett and Munger are betting on higher, and maybe a lot higher inflation in the years to come.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Yet he knew that stocks would be better than bonds or cash over the long run.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Warren recommended doing what turns you on. Munger agreed, saying he’d never done anything really well that he didn’t like to do.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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The key to calculating value is determining what will come out of the business.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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The valuation picture is very much affected by our zero-based interest rate structure. Clearly, stocks are worth far more when government bonds yield 1% than when they yield 5%.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett concluded that you can learn a lot about the durability of the economics of a business by observing price behavior.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Diversification is a protection against ignorance, a confession that you do not know the businesses you own.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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It is much easier to pick the relative strength of Coca-Cola than it is to pick a winner in software.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett emphasized that the ability to generate cash and reinvest is critical. He noted that it is the ability to generate cash that gives Berkshire its value.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett’s formula for happiness is simple: β€œDo what I like with people I like.” He noted that he learned early in life that his favorite employer was himself. It avoids aggravation.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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With artificial intelligence, Buffett observed that more change will be coming. Almost certainly it will cause less employment in certain areas while being good for society overall.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett chimed in that most buybacks are done at any price, which makes no sense. Very rarely do you see metrics to govern the prices paid. Buybacks above intrinsic value destroy value.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett wanted to make sure that Nebraska got their sales tax. He was adamant about making sure that Berkshire paidβ€”not more taxes than it had to, but the taxes that it was responsible for.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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At the same time, he held firm that it doesn’t serve to make decisions in anger. He quoted Berkshire board member Tom Murphy: β€œYou can always tell a man to go to hell tomorrow if it’s such a good idea.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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In modern portfolio theory, beta is used as a measure of the volatility and, thus, the risk of an investment. However, Buffett sees the use of beta as nonsense, emphatically stating, β€œVolatility is no measure of risk to us.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Door’s open!” she shouted. She was in her underwear, lying on the floor, arms outstretched and legs up against the couch. She tilted her head back and looked at me upside down. β€œCharlie, darling! Why are you standing on your head?
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Daniel Keyes (Flowers for Algernon)
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Charlie Polard was a former news anchor, now field reporter, whose star had been falling rapidly the past year. Consequently, his constant need to use Jack Daniels as his career coach had caused him to nearly miss several assignments.
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Barry Sierer (New China)
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As Munger put it, β€œBasically, we’re a hedgehog that knows one big thing. If you generate float at 3% per annum and buy businesses that earn 13% per annum with the proceeds of that float, we have figured out that’s a pretty good position to be in.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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occasional outbreaks of those two super-contagious diseases, fear and greed, will forever occur in the investment community. The timing of these epidemics will be unpredictable. And the market aberrations produced by them will be equally unpredictable, both as to duration and degree. Therefore, we never try to anticipate the arrival or departure of either disease. Our goal is more modest: we simply attempt to be fearful when others are greedy and to be greedy only when others are fearful. As
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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He said he doesn’t really care whether they’re buying into raw-material-intensive businesses, people-intensive businesses or capital-intensive businesses. The key is to understand a company’s costs and why it’s got a sustainable edge against its competitors.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Thoughts of suicide to stop it all now while I am still in control and aware of the world around me. But then I think of Charlie waiting at the window. His life is not mine to throw away. I've just borrowed it for a while, and now I'm being asked to return it.
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Daniel Keyes (Flowers for Algernon)
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As a value investor, your ideal situation is to find a company increasing its intrinsic value. Ideally, the company would be one with a declining stock price, thus creating an even better bargain as time unfolds. No one has employed these principles more effectively than Buffett and Munger.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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The best protection against inflation, according to Buffett, is your own earning power. If you constantly increase your earning power, you’ll be sure to get your share of the economic pie. The next best thing is to own wonderful businesses, especially those that have low capital requirements.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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I have often reread my early progress reports and seen the illiteracy, the childish naivete, the mind of low intelliΒ­gence peering from a dark room, through the keyhole, at the dazzling light outside. In my dreams and memories I've seen Charlie smiling happily and uncertainly at what people around him were saying. Even in my dullness I knew I was inferior. Other people had something I lackedβ€” something denied me. In my mental blindness, I had beΒ­lieved it was somehow connected with the ability to read and write, and I was sure that if I could get those skills I would have intelligence too. Even a feeble-minded man wants to be like other men.
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Daniel Keyes
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Seeing Charlie huddled beneath the covers I wish I could give him comfort, explain to him that he has done nothing wrong, that is beyond him to change his mother's attitude back to what it was before his sister came. There on the bed, Charlie did not understand what they were saying, but now it hurts. If I could reach out into the past of my memories, I would make her see how much she was hurting me.
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Daniel Keyes (Flowers for Algernon)
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Nevertheless, their dishonesty upset Buffett. They were trying to chisel him out of 12.5 cents per share. So Buffett went the other way and started buying increasingly more shares of Berkshire until he took control. He then booted out the guy who had tried to chisel him out. In 1964, Warren Buffett took control of that small New England textile firm, and it became his new base for making investments.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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While reading, you may wonder, If Berkshire got out of the market, shouldn’t I do the same? or If Berkshire bought it, should I buy it too? Buffett and Munger are clear in their adviceβ€”people should learn from them and model their advice rather than copy their behavior. The main reason is this: Unless you find yourself in the enviable position that Berkshire operates in, you would do well not to copy its moves.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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In a fascinating digression, Buffett noted that β€œthe fact that you are being obsoleted does not mean you should go into the successor business.” As an example, he explained that if you were a person of vision in the passenger train business in 1930, you might have seen the coming of the airplane. But the answer was not to get into the airline business, which is a terrible business. The answer was to get out of the passenger business altogether.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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For months beforehand, I fielded calls from British media. A couple of the reporters asked me to name some British chefs who had inspired me. I mentioned the Roux brothers, Albert and Michel, and I named Marco Pierre White, not as much for his food as for howβ€”by virtue of becoming an apron-wearing rock-star bad boyβ€”he had broken the mold of whom a chef could be, which was something I could relate to. I got to London to find the Lanesborough dining room packed each night, a general excitement shared by everyone involved, and incredibly posh digs from which I could step out each morning into Hyde Park and take a good long run around Buckingham Palace. On my second day, I was cooking when a phone call came into the kitchen. The executive chef answered and, with a puzzled look, handed me the receiver. Trouble at Aquavit, I figured. I put the phone up to my ear, expecting to hear HΓ₯kan’s familiar β€œHej, Marcus.” Instead, there was screaming. β€œHow the fuck can you come to my fucking city and think you are going to be able to cook without even fucking referring to me?” This went on for what seemed like five minutes; I was too stunned to hang up. β€œI’m going to make sure you have a fucking miserable time here. This is my city, you hear? Good luck, you fucking black bastard.” And then he hung up. I had cooked with Gordon Ramsay once, a couple of years earlier, when we did a promotion with Charlie Trotter in Chicago. There were a handful of chefs there, including Daniel Boulud and Ferran AdriΓ , and Gordon was rude and obnoxious to all of them. As a group we were interviewed by the Chicago newspaper; Gordon interrupted everyone who tried to answer a question, craving the limelight. I was almost embarrassed for him. So when I was giving interviews in the lead-up to the Lanesborough event, and was asked who inspired me, I thought the best way to handle it was to say nothing about him at all. Nothing good, nothing bad. I guess he was offended at being left out. To be honest, though, only one phrase in his juvenile tirade unsettled me: when he called me a black bastard. Actually, I didn’t give a fuck about the bastard part. But the black part pissed me off.
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Marcus Samuelsson (Yes, Chef)
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Basically, Graham breaks the art of investing down into two simple variables – price and value. Value is what a business is worth. Price is what you have to pay to get it. Given the stock market’s manic-depressive behavior, numerous occasions arise where a business’ market price is distinctly out of line with its true business value. In such instances, an investor may be able to purchase a dollar of value for just 50 cents. Note that there is no mention here of interest rates, economic forecasts, technical charts, market cycles, etc. The only issues are price and value. I should also note that Graham emphasizes a large margin of safety. The strategy is not to buy a dollar of value for 97 cents. Rather, the gap should be dramatic so as to absorb the effects of miscalculation and worse-than-average luck.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)
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Buffett declared the best inflation hedge is a company with a wonderful product that requires little capital to grow. As a test, he invited each of us to look at our own earning ability. In inflation, your compensation can go up without any additional investment. As a business example, Buffett noted that when See’s Candy was purchased in 1971, it had the revenues of $25 million and sold 16 million pounds of candy annually with $9 million in tangible assets. Today, See’s sells $300 million of candy with $40 million of tangible assets. Berkshire needed to invest only $31 million to generate a more than 10-fold increase in revenues. In aggregate, Buffett noted that Berkshire has earned $1.5 billion in profits at See’s over the years. See’s inventory turns fast, has no receivables and has little fixed investment – a perfect inflation hedge. Buffett allowed that if you have tons of receivables and inventory, that’s a lousy business in inflation. The railroad and MidAmerican Energy both have these undesirable characteristics, but that is offset by their utility to the economy and subsequent allowable returns. Buffett rued that there simply aren’t enough β€œSee’s Candys” to buy. Buffett added that being an investor has made him a better businessman and that being a businessman has made him a better investor.(125) Munger noted that they didn’t always know this inflation-business element, which shows how continuous learning is so important.
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Daniel Pecaut (University of Berkshire Hathaway: 30 Years of Lessons Learned from Warren Buffett & Charlie Munger at the Annual Shareholders Meeting)