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The strategy we've adopted precludes our following standard diversification dogma. Many pundits would therefore say the strategy must be riskier than that employed by more conventional investors. We disagree. We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it. In stating this opinion, we define risk, using dictionary terms, as "the possibility of loss or injury."
--
1993 Chairman's Letter

 

Warren Buffett

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I am under no illusion that our present strategy of using means short of total war to achieve our ends and oppose communism is a guarantee that a world war will not be thrust upon us. But a policy of patience and determination without provoking a world war, while we improve our military power, is one which we believe we must continue to follow….
Under present circumstances, we have recommended against enlarging the war from Korea to also include Red China. The course of action often described as a limited war with Red China would increase the risk we are taking by engaging too much of our power in an area that is not the critical strategic prize.
Red China is not the powerful nation seeking to dominate the world. Frankly, in the opinion of the Joint Chiefs of Staff, this strategy would involve us in the wrong war, at the wrong place, at the wrong time, and with the wrong enemy.

 

Omar Bradley

 

The best strategy is one that offers the highest compound return consistent with no risk of going broke.

 

William Poundstone

 

While no rigorous proof of an optimal strategy has been achieved, Robbins has proposed the principal of "staying on a winner" and has shown it to be uniformly better than a strategy of random selection.

 

Richard Arnold Epstein

 

Some other schools have a liking for extra-long swords. From the point of view of my strategy these must be seen as weak schools. This is because they do not appreciate the principle of cutting the enemy by any means. Their preference is for the extra-long sword and, relying on the virtue of its length, they think to defeat the enemy from a distance.
In this world it is said, "One inch gives the hand advantage", but these are the idle words of one who does not know strategy. It shows the inferior strategy of a weak sprit that men should be dependant on the length of their sword, fighting from a distance without the benefit of strategy.

 

Miyamoto Musashi

 

If we understand our own times, we will know that we should affirm the reality of God by challenging the domination of materialism and naturalism in the world of the mind. With the assistance of many friends I have developed a strategy for doing this. ... We call our strategy the "wedge."

 

Phillip E. Johnson