“I’d rather be happy and odd than miserable and ordinary,' she said, sticking her chin in the air.”
― Michelle Magorian, quote from Good Night, Mr. Tom
“It occurred to him that strength was quite different from toughness and that being vulnerable wasn't quite the same as being weak.”
― Michelle Magorian, quote from Good Night, Mr. Tom
“Miss Thorne said no more. Poor boy, she thought, away from his loving home and now dumped with an irritable old man. Tom”
― Michelle Magorian, quote from Good Night, Mr. Tom
“I expect you think I’m a bit forward,’ remarked Zach. ‘Wot?”
― Michelle Magorian, quote from Good Night, Mr. Tom
“Core competence, as it is used by many managers, is a dangerously inward-looking notion. Competitiveness is far more about doing what customers value than doing what you think you’re good at. And staying competitive as the basis of competition shifts necessarily requires a willingness and ability to learn new things rather than clinging hopefully to the sources of past glory. The challenge for incumbent companies is to rebuild their ships while at sea, rather than dismantling themselves plank by plank while someone else builds a new, faster boat with what they cast overboard as detritus.”
― Clayton M. Christensen, quote from The Innovator's Solution: Creating and Sustaining Successful Growth
“But then it came to her…just change your mind about it. About everything. Shit. That was it. "What an idiot she was. It was that simple. Just decide to stop struggling and embrace it all as a gift. And in a single second, everything is different.”
― Karen Kondazian, quote from The Whip
“I know the feeling When you cry alone Your ego keeps you alive But your heart wants to die Every second you wish For the world to stop”
― Irum Zahra, quote from Psychaotic: See The World In Red And Black
“I curled myself into a ball and cried quietly, doing that thing that only young people can do, namely, feeling sorry for myself. Once you're past thirty you lose that ability; instead of feeling sorry for yourself you turn bitter.”
― Douglas Coupland, quote from Eleanor Rigby
“The Economics of Property-Casualty Insurance With the acquisition of General Re — and with GEICO’s business mushrooming — it becomes more important than ever that you understand how to evaluate an insurance company. The key determinants are: (1) the amount of float that the business generates; (2) its cost; and (3) most important of all, the long-term outlook for both of these factors. To begin with, float is money we hold but don't own. In an insurance operation, float arises because premiums are received before losses are paid, an interval that sometimes extends over many years. During that time, the insurer invests the money. Typically, this pleasant activity carries with it a downside: The premiums that an insurer takes in usually do not cover the losses and expenses it eventually must pay. That leaves it running an "underwriting loss," which is the cost of float. An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds. But the business is a lemon if its cost of float is higher than market rates for money. A caution is appropriate here: Because loss costs must be estimated, insurers have enormous latitude in figuring their underwriting results, and that makes it very difficult for investors to calculate a company's true cost of float. Errors of estimation, usually innocent but sometimes not, can be huge. The consequences of these miscalculations flow directly into earnings. An experienced observer can usually detect large-scale errors in reserving, but the general public can typically do no more than accept what's presented, and at times I have been amazed by the numbers that big-name auditors have implicitly blessed. As for Berkshire, Charlie and I attempt to be conservative in presenting its underwriting results to you, because we have found that virtually all surprises in insurance are unpleasant ones. The table that follows shows the float generated by Berkshire’s insurance operations since we entered the business 32 years ago. The data are for every fifth year and also the last, which includes General Re’s huge float. For the table we have calculated our float — which we generate in large amounts relative to our premium volume — by adding net loss reserves, loss adjustment reserves, funds held under reinsurance assumed and unearned premium reserves, and then subtracting agents balances, prepaid acquisition costs, prepaid taxes and deferred charges applicable to assumed reinsurance. (Got that?)”
― Warren Buffett, quote from Berkshire Hathaway Letters to Shareholders
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