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At the centre A margin only counts while you are still investing heavily, because cutting the investment raises this year's margin and lowers the long-term one. Holds JDJamie Dimon Read this korrent →

• Similar wording A margin of safety means paying a discount deep enough that being wrong about what a company is worth still leaves you whole. Holds BABill Ackman
• Similar wording An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell. Holds BABill Ackman
• Similar wording If a lab is off by a single year in its revenue forecast, no hedge on Earth stops the compute it already bought from bankrupting it. Holds DADario Amodei
• Similar wording About a dozen holdings captures nearly all the benefit of diversification; going to fifty adds almost nothing. Holds BABill Ackman
• Similar wording Committing to compute years in advance is the durable margin advantage in AI, because every increment of new capacity transacts at the new price. Holds DPDylan Patel
• Similar wording The S&P 500’s price-to-sales ratio no longer signals what it once did, because today’s companies earn higher margins. Holds NMNick Maggiulli
• Similar wording At a market price-earnings ratio of twenty-three there is little upside and a long way to fall, where at fifteen there would be much less risk. Holds JDJamie Dimon
• Similar wording Growth always stops eventually, and only a company that instrumented its business beforehand gets to find out why instead of scrambling. Holds JZJulie Zhuo