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[Quote No.65832] Need Area: Mind > Learn
"[Freedom of thought, speech, expression and press versus censorship and propaganda:] If there is a bedrock principle of the First Amendment, it is that the government may not prohibit the expression of an idea
simply because society finds the idea itself offensive or disagreeable." - Justice William J. Brennan
(1906-1997) U. S. Supreme Court Justice. Source: Texas vs. Johnson, 1989.
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[Quote No.65833] Need Area: Mind > Learn
"[Freedom of thought, speech, expression and press versus censorship and propaganda:] Toleration is good for all, or it is good for none." - Edmund Burke
(1729-1797) Irish-born British statesman, parliamentary orator, and political thinker. Source: Speech, House of Commons, 1773.
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[Quote No.65834] Need Area: Mind > Learn
"[Freedom of thought, speech, expression and press versus censorship and propaganda:]
Freedom of the mind requires not only, or not even especially, the absence of legal constraints but the presence of alternative thoughts [options, informed choice]. The most successful tyranny is not the one that uses force to assure uniformity, but the one that removes awareness of other possibilities." - Alan Bloom
(1930-1992), Source: The Closing of the American Mind, 1987.
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[Quote No.65839] Need Area: Mind > Learn
"[Freedom of thought, speech, expression and press versus censorship and propaganda:] And this I believe: that the free, exploring mind of the individual human is the most valuable thing in all the world. And this I would fight for: the freedom of the mind to take any direction it wishes, undirected. And this I must fight against: any idea, religion, or government which limits or destroys the [peaceful = free from force and fraud] individual." - John Steinbeck
(1902-1968) Author, Nobel laureate. Source: East of Eden, 1952.
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[Quote No.65846] Need Area: Mind > Learn
"Information is knowledge which is merely acquired and stored up; wisdom is knowledge operating in the direction of powers to the better living of life." - John Dewey
(1859 – 1952), American philosopher, psychologist, and educational reformer whose ideas have been influential in education and social reform. He is regarded as one of the most prominent American scholars in the first half of the twentieth century.
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[Quote No.65850] Need Area: Mind > Learn
"The knack of our species lies in our capacity to transmit our accumulated knowledge down the generations [cultural evolution, wisdom, etc]. The slowest among us can, in a few hours, pick up ideas that it took a few rare geniuses a lifetime to acquire [and therefore 'stand on the shoulders' of geniuses]." - Alain de Botton
Philosopher and author
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[Quote No.65871] Need Area: Mind > Learn
"The work of science is to substitute facts for appearances, and demonstrations for impressions." - John Ruskin
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[Quote No.65872] Need Area: Mind > Learn
"[Doubt is the first step in the journey to Truth:] Trust not too much to appearances.
" - Virgil
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[Quote No.65878] Need Area: Mind > Learn
"Who is wise? He who learns from all men." - Simeon ben Zoma
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[Quote No.65887] Need Area: Mind > Learn
"Know how to listen and you will profit even from those who talk badly.
" - Plutarch
(46 - 120) Greek historian, biographer and essayist.
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[Quote No.65892] Need Area: Mind > Learn
"[Poem about failure leading to wisdom:]
The road to wisdom? -
Well, it's plain
and simple to express:
Err
and err
and err again
but less
and less
and less.
" - Piet Hein
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[Quote No.65895] Need Area: Mind > Learn
"[Doubt, scepticism and questioning are vital first steps towards establishing truth:] It is error only, and not truth, that shrinks from inquiry." - Thomas Paine
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[Quote No.65899] Need Area: Mind > Learn
"[Skepticism is vital to begin the search for truth:] Education's purpose is to replace an empty mind with an open one." - Malcom Forbes
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[Quote No.65916] Need Area: Mind > Learn
"By learning you will teach, by teaching you will learn." - Latin Proverb
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[Quote No.65933] Need Area: Mind > Learn
"[The search for truth begins with doubt and questioning to establish what is without evidence and proof:] The greatest need of our time is to clean out the enormous mass of mental and emotional rubbish that clutters our minds.
" - Thomas Merton
(1915-1968), American Trappist Monk.
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[Quote No.65953] Need Area: Mind > Learn
"The true object of education, like that of every other moral process, is the generation of happiness. Happiness to the individual in the first place. If individuals were universally happy, the species would be happy.
...
He that loves reading, has every thing within his reach. He has but to desire; and he may possess himself of every species of wisdom to judge, and power to perform.
...
Books gratify and excite our curiosity in innumerable ways. They force us to reflect. They hurry us from point to point. They present direct ideas of various kinds, and they suggest indirect ones. In a well-written book we are presented with the maturest reflections, or the happiest flights, of a mind of uncommon excellence. It is impossible that we can be much accustomed to such companions, without attaining some resemblance of them. When I read Thomson, I become Thomson; when I read Milton, I become Milton. I find myself a sort of intellectual camelion, assuming the colour of the substances on which I rest. He that revels in a well-chosen library, has innumerable dishes, and all of admirable flavour. His taste is rendered so acute, as easily to distinguish the nicest shades of difference. His mind becomes ductile, susceptible to every impression, and gaining new refinement from them all. His varieties of thinking baffle calculation, and his powers, whether of reason or fancy, become eminently vigorous." - William Godwin
(1756 - 1836), political philosopher and novelist.
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[Quote No.65955] Need Area: Mind > Learn
"That is the way to learn the most ... when you are doing something with such enjoyment that you don't notice that the time passes. [This type of engaged, absorbed attention is called 'flow' by psychologists.]" - Albert Einstein
Quote from this famous physicist to his 11-year-old son, Hans Albert, in a letter from 1915. [Refer https://www.brainpickings.org/2013/06/14/einstein-letter-to-son/ ]
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[Quote No.65957] Need Area: Mind > Learn
"Success can be achieved only through repeated failure and introspection [and learning and trying again].
" - Soichiro Honda
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[Quote No.65970] Need Area: Mind > Learn
"There is but one straight course, and that is to seek truth and pursue it steadily." - George Washington
(1732-1799) Founding Father, 1st US President, 'Father of the Country'. Source: letter to Edmund Randolph, 1795.
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[Quote No.65981] Need Area: Mind > Learn
"It is error only, and not truth, that shrinks from inquiry." - Thomas Paine
(1737-1809), philosopher and writer.
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[Quote No.65991] Need Area: Mind > Learn
"Knowledge sets us free... A great library is freedom." - Ursula K. Le Guin
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[Quote No.65993] Need Area: Mind > Learn
"[Truth, and the search for truth, are important for understanding, control and enjoyment:] Happy is he who gets to know the reasons for things." - Virgil
(70 BC - 19 BC), a Roman poet; author of the epic poem 'Aeneid'.
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[Quote No.65994] Need Area: Mind > Learn
"There's a lot to be learnt from mistakes - even better if they're someone else's." - Fraser Allen
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[Quote No.66000] Need Area: Mind > Learn
"Wisdom is the reward you get for a lifetime of listening
when you'd have preferred to talk.
" - Doug Larson
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[Quote No.66020] Need Area: Mind > Learn
"The man of least capacity is the one who shows himself incapable of self-correction." - Ali
Alī ibn Abī Ṭālib, simply known as Ali.
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[Quote No.66028] Need Area: Mind > Learn
"The antiquity and general acceptance of an opinion
is not assurance of its truth. [The opinion must be carefully tested and proven. Until such time it is not the truth just a long and widely-held opinion.]" - Pierre Bayle
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[Quote No.66038] Need Area: Mind > Learn
"Bad times have a scientific value. These are occasions a good learner wouldn't miss. [They offer the perfect opportunity to experiment and practice to find and improve on what it takes to be successful.]
" - Ralph Waldo Emerson
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[Quote No.66043] Need Area: Mind > Learn
"[The search for truth - and thereby understanding, control and power - in individuals, society and nature:] Epistemology (from Greek episteme, meaning 'knowledge', and -logy) is the branch of philosophy concerned with the theory of knowledge [TOK].
Epistemology is the study of the nature of knowledge, justification, and the rationality of belief. Much debate in epistemology centers on four areas: (1) the philosophical analysis of the nature of knowledge and how it relates to such concepts as truth, belief, and justification, (2) various problems of skepticism, (3) the sources and scope of knowledge and justified belief, and (4) the criteria for knowledge and justification. Epistemology addresses such questions as: 'What makes justified beliefs justified?', 'What does it mean to say that we know something?', and fundamentally 'How do we know that we know?'." - wikipedia.org
[Refer https://en.wikipedia.org/wiki/Epistemology ]
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[Quote No.66044] Need Area: Mind > Learn
"[Truth and proof:] Truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold." - Leo Tolstoy
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[Quote No.66046] Need Area: Mind > Learn
"[It is difficult to distinguish between foolish mistake and wise truth:] Brass shines as fair to the ignorant as gold to the goldsmiths.
" - Queen Elizabeth I
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[Quote No.66056] Need Area: Mind > Learn
"[Truth:] What is wanted is not the will to believe but the wish to find out, which is the exact opposite." - Bertrand Russell
Philosopher, mathematician and author.
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[Quote No.66065] Need Area: Mind > Learn
"Believe those who are seeking the truth. Doubt those who find it." - Andre Gide
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[Quote No.66084] Need Area: Mind > Learn
"Order and simplification are the first steps towards the mastery of a subject." - Thomas Mann
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[Quote No.66090] Need Area: Mind > Learn
"Mystery creates wonder, and wonder is the basis of man's desire to understand." - Neil Armstrong
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[Quote No.66104] Need Area: Mind > Learn
"Those who keep learning will keep rising in life." - Charlie Munger
Lawyer and self-made billionaire investor and business friend with Berkshire Hathaway's Warren Buffett, one of the wealthiest self-made investors in history.
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[Quote No.66124] Need Area: Mind > Learn
"[Think for yourself:] I take my milk from many cows but I make my own butter." - Robert Louis Stevenson
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[Quote No.66129] Need Area: Mind > Learn
"[It is important in life to iterate and learn from your and others experiences. Here's one way to formalize that learning into better plans and skills.]
Make a List, Check it Twice: --
With U.S. stocks up 27% this year, many investors might already be struggling to avoid getting greedy and making careless mistakes.
By building a checklist - a standardized set of questions you must answer before you commit to any investment decision - you can reduce the risk of making costly errors. The best way to do that is by looking at your past mistakes. That's true no matter how you invest, even if you don't buy individual stocks at all.
The idea, still surprisingly underused in the investment business, is adapted from hospitals and the airline industry. An itemized list of procedures and how to follow them, the surgeon Atul Gawande has written, can 'hold the odds of doing harm low enough for the odds of doing good to prevail.'
Checklists help fix one of the biggest flaws in the way investors make decisions: inconsistency.
How much you pay for a stock matters. But so do the quality of the company's management, how much debt it has, who its customers and competitors are, how easily it can raise prices, and many other variables.
So which factors should you emphasize the most? Many investors, including professional money managers, just go with what feels right at the time.
As the Nobel Prize-winning psychologist Daniel Kahneman's book 'Thinking, Fast and Slow' puts it, 'Humans are incorrigibly inconsistent in making summary judgments of complex information.' (Disclosure: I helped Prof. Kahneman write the book but don't receive royalties from it.)
Decades' worth of psychological studies show that people are extremely good at figuring out which information they need for a decision — but do a poor job of using that evidence methodically over time. You are likely to draw divergent conclusions from identical data on different occasions, even when nothing fundamental has changed, because of variations in context, alterations in your mood, shifting demands on your attention and memory, and so forth.
No wonder John Mihaljevic, editor of the Manual of Ideas, a website for value investors, says wryly that he uses checklists to combat his tendency to make 'the same type of mistake again and again.'
Structuring your decisions this way, says Michael Shearn, author of the book 'The Investment Checklist,' forces you to take 'a holistic view' of a stock or other asset. That should reduce your odds of being flummoxed by the unexpected.
'When we look to make an investment, the greed part of the brain is turned on,' says Mohnish Pabrai, managing partner of Pabrai Investment Funds in Irvine, Calif., a group of private portfolios with assets of approximately $700 million. 'A checklist is like a circuit breaker that helps prevent the brain from being able to flip that switch.'
To build his list, Mr. Pabrai studied his mistakes and those of great investors like Warren Buffett. Anyone 'can build a customized checklist based on your own history of your own failures,' he says. Mr. Pabrai advises investors to review their past decisions that lost money.
'Rub your nose in your own failures,' he urges. 'Avoiding the mistakes you've made in the past will take your error rate way down in the future.'
Mr. Pabrai says he believes that the flubs made by great investors fall into five groups: valuation, or how cheap an investment is; leverage, or risks associated with borrowing; management and ownership; 'moats,' or how well-fortified business are against competition; and personal biases.
First he does all his other research; then he works through the checklist to make sure he didn't miss anything.
Among the questions on Mr. Pabrai's list: How good is management at allocating capital? Is cash flow overstated because of an unsustainable recent boom? Does the company appeal to me because of personal preferences that might be clouding my judgment?
Guy Spier, managing partner of Aquamarine Capital, a Zurich-based investment firm that manages $160 million, uses his checklist to determine, among other things, how a company makes its customers and suppliers better off. That, he says, helps him figure out how likely the company is to be able to fend off competitors.
Your list, of course, should include only questions you know how to answer; they need only be relevant to your past mistakes and to your current and prospective investments [What Warren Buffett and Charlie Munger call their 'circle of competence'].
Mr. Spier emphasizes that you don't have to be a stock picker to benefit from a checklist. 'Even if all you own is mutual funds or municipal bonds, look at the places where you've made mistakes and where you can understand the mistakes of others,' he says. 'Use that to understand where you don't want to go in your own investing world.'
Ponder what you should have asked to avoid those problems to begin with. Those are the questions to add to your checklist." - Jason Zweig
He writes for 'The Wall Street Journal' and at his website for intelligent investors. [Refer http://blogs.wsj.com/moneybeat/2013/12/13/make-a-list-check-it-twice/ and https://jasonzweig.com/make-a-list-check-it-twice/ ]
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[Quote No.66145] Need Area: Mind > Learn
"One of my hobbies is collecting quotations. Socrates said employ your time in reading great people’s lives so you can learn in a very simple way what it took them all their life to do. The best way I found to do that is in a quote. Sometimes in a quote you can capture what a person took a whole life to learn, incredible wisdom through that. I have about 5,000 quotes on my computer and I log them by subject so whenever I am studying a subject I have the chance to read what all the great people thought about that. " - Arnold Van Den Berg
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[Quote No.66149] Need Area: Mind > Learn
"I prefer tongue-tied knowledge to ignorant loquacity." - Cicero
63 BC
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[Quote No.66175] Need Area: Mind > Learn
"[Initial skepticism until proven is necessary in the search for objective truth:] No statement should be believed [solely] because it is made by an authority." - Robert A. Heinlein
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[Quote No.66190] Need Area: Mind > Learn
"I pick up favorite quotations, and store them in my mind as ready armor, offensive or defensive, amid the struggle of this turbulent existence.
" - Robert Burns
in a 1792 letter
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[Quote No.66206] Need Area: Mind > Learn
"Seeds of great discoveries are constantly floating around us, but they only take root in minds well prepared to receive them.
" - Joseph Henry
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[Quote No.66207] Need Area: Mind > Learn
"Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family." - Kofi Annan
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[Quote No.66250] Need Area: Mind > Learn
"[Freedom of thought, speech, expression and press versus censorship and propaganda:] You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas." - Charlie Munger
Lawyer, fundamental investor, self-made billionaire, business partner of Warren Buffett.
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[Quote No.66256] Need Area: Mind > Learn
"Knowledge, if it does not determine action, is dead." - Plotinus
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[Quote No.66300] Need Area: Mind > Learn
"Do not be embarrassed by your failures, learn from them and start again!" - Richard Branson
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[Quote No.66356] Need Area: Mind > Learn
"Curiosity is a [healthy] lust of the mind.
" - Thomas Hobbes
(1588-1679), philosopher.
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[Quote No.66378] Need Area: Mind > Learn
"What is often most crucial in science [and life] is a proper formulation [and description] of the problem." - Friedrich Hayek
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[Quote No.66387] Need Area: Mind > Learn
"[Doubt and skepticism are vital to begin the search for absolute Truth:] It is always better to have no ideas than false ones; to believe nothing, than to believe what is wrong." - Thomas Jefferson
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[Quote No.66388] Need Area: Mind > Learn
"[Freedom of thought, speech, expression and press versus censorship and propaganda:] We are not afraid to follow truth wherever it may lead, nor to tolerate any error so long as reason is left free to combat it." - Thomas Jefferson
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