Q2 2019 Letter

“Your opportunity here and beyond this campus is huge, demanding, and vital. You are singularly able more than previous generations; not because you are smarter (although you may be) or because you have tools your predecessors lacked, but because you have time. Time is on your side, as is a chance to fashion an amazing future. Relish it. Use it. Revel in it.” – Toni Morrison

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Q1 2019 Letter

“I was lucky to come off no worse than I did. None of this would have happened if, as I wish I had done, I had asked myself beforehand, ‘If you do this, what do you want to happen?’ and ‘If you do this, what do you think will happen?’ I wouldn’t have liked either answer. These two questions became valuable guides for me in the future.” – Ed Thorp

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2018 Annual Letter

"It's all a process, steps along a path. Becoming requires equal parts patience and rigor. Becoming is never giving up on the idea that there's more growing to be done." - Michelle Obama

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Q3 2018 Letter

“Just stay busy, stay working. Puff told me, like, the key to this joint—the key to staying on top of things—is treat everything like it's your first project, nomsayin'? Like, it's your first day, like, back when you was an intern. Like, that's how you try to treat things like, just stay hungry."
— The Notorious B.I.G. on the intro to “My 1st Song” by Jay-Z

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Q2 2018 Letter

 “A man who examines the saddle and bridle and not the animal itself when he is out to buy a horse is a fool; similarly, only an absolute fool values a man according to his clothes, or according to his social position, which after all is only something that we wear like clothing.” – Seneca

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Q1 2018 Letter

 “Too much tail. All that jewelry weighs it down. Like vanity. Can’t nobody fly with all that shit. Wanna fly, you got to give up the shit that weighs you down.” – Toni Morrison, Song of Solomon (1977)

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Q1 2017 Letter

“The problem is that we’re asking the wrong question. The issue is not which horse in the race is the most likely winner, but which horse or horses are offering odds that exceed their actual chances of victory. This may sound elementary, and many players may think they are following this principle, but few actually do. Under this mindset, everything but the odds fades from view. There is no such thing as ‘liking’ a horse to win a race, only an attractive discrepancy between his chances and his price.” – Steven Crist

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2016 Annual Letter

“The surprise came at the conclusion of the event. The winner was revealed to be not a grandmaster with a state-of-the-art PC but a pair of amateur American chess players using three computers at the same time. Their skill at manipulating and ‘coaching’ their computers to look very deeply into positions effectively counteracted the superior chess understanding of their grandmaster opponents and the greater computational power of other participants. Weak human + machine + better process was superior to a strong computer alone, and, more remarkably, superior to a strong human + machine + inferior process.” – Garry Kasparov

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Q3 2016 Letter

“What I’m saying to you this morning, my friends, even if it falls your lot to be a street sweeper, go on out and sweep streets like Michelangelo painted pictures; sweep streets like Handel and Beethoven composed music; sweep streets like Shakespeare wrote poetry; sweep streets so well that all the hosts of heaven and earth will have to pause and say, ‘Here lived a great street sweeper who swept his job well.’” – Martin Luther King Jr.

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Q2 2016 Letter

“A man with a bulldozer can dig a ditch faster than one with only a shovel, but he is not more efficient; he just has more capital to work with.” – Paul Krugman

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Q3 2015 Letter

“In the search for truth there are certain questions that are not important. Of what material is the universe constructed? Is the universe eternal? Are there limits or not to the universe? What is the ideal form of organization for human society? If a man were to postpone his search and practice for Enlightenment until such questions were solved, he would die before he found the path.” – Buddha

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Q2 2015 Letter

“But to [yield superior results] he must follow specific methods that are not generally accepted in Wall Street, since those that are so accepted do not seem to produce the results everyone would like to achieve. It would be rather strange if—with all the brains at work professionally in the stock market—there could be approaches which are both sound and relatively unpopular. Yet our own career and reputation have been based on this unlikely fact.” – Benjamin Graham

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Q1 2015 Letter

“The notes I handle no better than many pianists. But the pauses between the notes— ah, that is where the art resides!” – Artur Schnabel

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