---
title: "Best Investing Quotes by Seth Klarman"
description: "130 Investing quotes by Seth Klarman. Plus more from Seth Klarman and more Investing sayings from other authors."
image: "https://sms4smile.com/quotes/i/b32/seth-klarman-1979_cds_don-t-short-many-stocks-instead-they-hed_1854935.png"
---

> [Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity](https://sms4smile.com/quotes/seth-klarman/don-t-short-many-stocks-instead-they-hedge-for-tail-risk-with-cds-and/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/b32/seth-klarman-1979_cds_don-t-short-many-stocks-instead-they-hed_1854935.png)

> [The real secret to investing is that there is no secret to investing.](https://sms4smile.com/quotes/seth-klarman/the-real-secret-to-investing-is-that-there-is-no-secret-to-investing/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/9e9/seth-klarman-1979_inspirational_the-real-secret-to-investing-is-that-the_2232892.png)

> [The single greatest edge an investor can have is a long-term orientation.](https://sms4smile.com/quotes/seth-klarman/the-single-greatest-edge-an-investor-can-have-is-a-long-term/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/279/seth-klarman-1979_edges_the-single-greatest-edge-an-investor-can_2631650.png)

> [A value strategy is of little use to the impatient investor since it usually takes time to pay off.](https://sms4smile.com/quotes/seth-klarman/a-value-strategy-is-of-little-use-to-the-impatient-investor-since-it/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/a8d/seth-klarman-1979_customer_a-value-strategy-is-of-little-use-to-the_2806442.png)

> [All investors must come to terms with the relentless continuity of the investment process.](https://sms4smile.com/quotes/seth-klarman/all-investors-must-come-to-terms-with-the-relentless-continuity-of/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c8b/seth-klarman-1979_continuity_all-investors-must-come-to-terms-with-th_2860398.png)

> [Generally, the greater the stigma or revulsion, the better the bargain.](https://sms4smile.com/quotes/seth-klarman/generally-the-greater-the-stigma-or-revulsion-the-better-the-bargain/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/e5a/seth-klarman-1979_bargains_generally-the-greater-the-stigma-or-revu_2842352.png)

> [Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.](https://sms4smile.com/quotes/seth-klarman/avoiding-where-others-go-wrong-is-an-important-step-in-achieving/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/f0e/seth-klarman-1979_achieve_avoiding-where-others-go-wrong-is-an-imp_432183.png)

> [Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.](https://sms4smile.com/quotes/seth-klarman/like-to-have-a-catalyst-reduces-dependence-on-the-market-distressed/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/dbb/seth-klarman-1979_catalyst_like-to-have-a-catalyst-reduces-dependen_744139.png)

> [In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss.](https://sms4smile.com/quotes/seth-klarman/in-contrast-to-the-speculators-preoccupation-with-rapid-gain-value/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/2c4/seth-klarman-1979_aversion_in-contrast-to-the-speculators-preoccupa_942803.jpg)

> [Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-once-wrote-that-value-investing-is-like-an-inoculation/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/a72/seth-klarman-1979_buffett_warren-buffett-once-wrote-that-value-inv_205819.jpg)

> [You probably would not choose to dine at a restaurant whose chef always ate elsewhere. I do eat my own cooking, and…](https://sms4smile.com/quotes/seth-klarman/you-probably-would-not-choose-to-dine-at-a-restaurant-whose-chef/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/978/seth-klarman-1979_chef_you-probably-would-not-choose-to-dine-at_2258381.png)

> [We are not so brazen as to believe that we can perfectly calibrate valuation; determining risk and return for any investment remains…](https://sms4smile.com/quotes/seth-klarman/we-are-not-so-brazen-as-to-believe-that-we-can-perfectly-calibrate/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/16b/seth-klarman-1979_art_we-are-not-so-brazen-as-to-believe-that_2785046.png)

> [My experience is that short sellers do far better analysis than long buyers because they have to. The market is biased upward…](https://sms4smile.com/quotes/seth-klarman/my-experience-is-that-short-sellers-do-far-better-analysis-than-long/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/67f/seth-klarman-1979_analysis_my-experience-is-that-short-sellers-do-f_2360911.png)

> [Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and…](https://sms4smile.com/quotes/seth-klarman/successful-investors-must-temper-the-arrogance-of-taking-a-stand-with/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/c40/seth-klarman-1979_accepting_successful-investors-must-temper-the-arr_1174069.png)

> [While knowing how to value businesses is essential for investment success, the first and perhaps most important step in the investment process…](https://sms4smile.com/quotes/seth-klarman/while-knowing-how-to-value-businesses-is-essential-for-investment/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/71c/seth-klarman-1979_business_while-knowing-how-to-value-businesses-is_1516071.jpg)

> [Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more…](https://sms4smile.com/quotes/seth-klarman/value-investing-is-the-discipline-of-buying-shares-at-a-significant/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/a55/seth-klarman-1979_bargains_value-investing-is-the-discipline-of-buy_1415097.jpg)

> [The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds -…](https://sms4smile.com/quotes/seth-klarman/the-strategy-of-buying-what-s-in-favor-is-a-fool-s-errand-ensuring/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/cf3/seth-klarman-1979_buying_the-strategy-of-buying-what-s-in-favor-i_1794434.png)

> [Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This…](https://sms4smile.com/quotes/seth-klarman/selling-in-particular-can-be-a-challenge-many-investors-are-tempted/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/d72/seth-klarman-1979_challenges_selling-in-particular-can-be-a-challenge_1008961.png)

> [Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we…](https://sms4smile.com/quotes/seth-klarman/below-we-itemize-some-of-the-quite-different-lessons-investors-seem/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/273/seth-klarman-1979_approach_below-we-itemize-some-of-the-quite-diffe_905131.png)

> [Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny…](https://sms4smile.com/quotes/seth-klarman/financial-innovation-can-be-highly-dangerous-though-almost-no-one/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/961/seth-klarman-1979_almost-perfect_financial-innovation-can-be-highly-dange_2933868.png)

> [In a world in which most investors appear interested in figuring out how to make money every second and chase the idea…](https://sms4smile.com/quotes/seth-klarman/in-a-world-in-which-most-investors-appear-interested-in-figuring-out/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/863/seth-klarman-1979_contrary_in-a-world-in-which-most-investors-appea_2252452.png)

> [Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests…](https://sms4smile.com/quotes/seth-klarman/pressure-to-produce-over-the-short-term-a-gun-to-the-head-of-everyone/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/a50/seth-klarman-1979_all-time_pressure-to-produce-over-the-short-term_1157670.jpg)

> [Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors…](https://sms4smile.com/quotes/seth-klarman/value-investors-will-not-invest-in-businesses-that-they-cannot/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/5e1/seth-klarman-1979_assets_value-investors-will-not-invest-in-busin_3095052.png)

> [Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able…](https://sms4smile.com/quotes/seth-klarman/value-investing-requires-a-great-deal-of-hard-work-unusually-strict/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/406/seth-klarman-1979_able_value-investing-requires-a-great-deal-of_3125496.png)

> [When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.](https://sms4smile.com/quotes/seth-klarman/when-a-wall-street-analyst-or-broker-expresses-optimism-investors/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ca7/seth-klarman-1979_analysts_when-a-wall-street-analyst-or-broker-exp_2502918.jpg)

> [We work really hard never to get confused with what we know from what we think or hope or wish.](https://sms4smile.com/quotes/seth-klarman/we-work-really-hard-never-to-get-confused-with-what-we-know-from-what/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/8ac/seth-klarman-1979_confused_we-work-really-hard-never-to-get-confuse_2259583.png)

> [Investing today may well be harder than it has been at any time in our three decades of existence,](https://sms4smile.com/quotes/seth-klarman/investing-today-may-well-be-harder-than-it-has-been-at-any-time-in/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/248/seth-klarman-1979_decades_investing-today-may-well-be-harder-than_2343103.png)

> [Value investing is at its core the marriage of a contrarian streak and a calculator.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-at-its-core-the-marriage-of-a-contrarian-streak/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/3ee/seth-klarman-1979_calculators_value-investing-is-at-its-core-the-marri_237128.png)

> [When people give away stocks based on forced selling or fear that is usually a great opportunity.](https://sms4smile.com/quotes/seth-klarman/when-people-give-away-stocks-based-on-forced-selling-or-fear-that-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/846/seth-klarman-1979_customer_when-people-give-away-stocks-based-on-fo_2938354.png)

> [Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.](https://sms4smile.com/quotes/seth-klarman/most-institutional-investors-feel-compelled-to-swing-at-almost-every/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/255/seth-klarman-1979_baseball_most-institutional-investors-feel-compel_2005905.png)

> [The trick of successful investors is to sell when they want to, not when they have to.](https://sms4smile.com/quotes/seth-klarman/the-trick-of-successful-investors-is-to-sell-when-they-want-to-not/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/8b8/seth-klarman-1979_customer_the-trick-of-successful-investors-is-to_2001063.png)

> [Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.](https://sms4smile.com/quotes/seth-klarman/having-clients-with-a-long-term-orientation-is-crucial-nothing-else/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/bac/seth-klarman-1979_clients_having-clients-with-a-long-term-orientat_812846.png)

> [Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.](https://sms4smile.com/quotes/seth-klarman/graham-s-wonderful-sentence-as-an-investor-needs-only-two-things-cash/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/245/seth-klarman-1979_cash_graham-s-wonderful-sentence-as-an-invest_2883349.png)

> [Sometimes buying early on the way down looks like being wrong, but it isn't.](https://sms4smile.com/quotes/seth-klarman/sometimes-buying-early-on-the-way-down-looks-like-being-wrong-but-it/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/ea2/seth-klarman-1979_being-wrong_sometimes-buying-early-on-the-way-down-l_1907263.png)

> [Value investing is predicated on the efficient market hypothesis being wrong.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-predicated-on-the-efficient-market-hypothesis/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/4ce/seth-klarman-1979_being-wrong_value-investing-is-predicated-on-the-eff_2103412.png)

> [The overwhelming majority of people are comfortable with consensus, but successful investors tend to have a contrarian bent,](https://sms4smile.com/quotes/seth-klarman/the-overwhelming-majority-of-people-are-comfortable-with-consensus/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/3af/seth-klarman-1979_bent_the-overwhelming-majority-of-people-are_764624.png)

> [Once you adopt a value-investment strategy, any other investment behavior starts to seem like gambling.](https://sms4smile.com/quotes/seth-klarman/once-you-adopt-a-value-investment-strategy-any-other-investment/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/f1f/seth-klarman-1979_behavior_once-you-adopt-a-value-investment-strate_895595.png)

> [Loss avoidance must be the cornerstone of your investment philosophy.](https://sms4smile.com/quotes/seth-klarman/loss-avoidance-must-be-the-cornerstone-of-your-investment-philosophy/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/9c0/seth-klarman-1979_avoidance_loss-avoidance-must-be-the-cornerstone-o_2049674.png)

> [We are big fans of fear, and in investing it is clearly better to be scared than sorry.](https://sms4smile.com/quotes/seth-klarman/we-are-big-fans-of-fear-and-in-investing-it-is-clearly-better-to-be/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/cc7/seth-klarman-1979_big-fan_we-are-big-fans-of-fear-and-in-investing_1033372.png)

> [In investing it is never wrong to change your mind. It is only wrong to change your mind and do nothing about…](https://sms4smile.com/quotes/seth-klarman/in-investing-it-is-never-wrong-to-change-your-mind-it-is-only-wrong/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

[Image](https://sms4smile.com/quotes/i/b9e/seth-klarman-1979_changing-your-mind_in-investing-it-is-never-wrong-to-change_2189827.png)

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## More by Seth Klarman

> [Unlike return, however, risk is no more quantifiable at the end of an investment that it was at its beginning. Risk simply cannot be…](https://sms4smile.com/quotes/seth-klarman/unlike-return-however-risk-is-no-more-quantifiable-at-the-end-of-an/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees…](https://sms4smile.com/quotes/seth-klarman/because-investors-are-not-usually-penalized-for-adhering-to/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is risk aversion.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-risk-aversion/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Be focused on process and not outcome](https://sms4smile.com/quotes/seth-klarman/be-focused-on-process-and-not-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the…](https://sms4smile.com/quotes/seth-klarman/there-is-an-old-saying-how-did-you-go-bankrupt-and-the-answer-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [In a rising market, everyone makes money and a value philosophy is unnecessary. But because there is no certain way to predict what the…](https://sms4smile.com/quotes/seth-klarman/in-a-rising-market-everyone-makes-money-and-a-value-philosophy-is/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.](https://sms4smile.com/quotes/seth-klarman/ultimately-nothing-should-be-more-important-to-investors-than-the/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The best protection against risk is knowing what you are doing.](https://sms4smile.com/quotes/seth-klarman/the-best-protection-against-risk-is-knowing-what-you-are-doing/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is…](https://sms4smile.com/quotes/seth-klarman/warren-buffett-once-wrote-that-value-investing-is-like-an-inoculation/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is important to remember that value investing is not a perfect science. It is an, with an ongoing need for judgment, refinement, patience,…](https://sms4smile.com/quotes/seth-klarman/it-is-important-to-remember-that-value-investing-is-not-a-perfect/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Value investing is at its core the marriage of a contrarian streak and a calculator.](https://sms4smile.com/quotes/seth-klarman/value-investing-is-at-its-core-the-marriage-of-a-contrarian-streak/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [The avoidance of loss is the surest way to ensure a profitable outcome.](https://sms4smile.com/quotes/seth-klarman/the-avoidance-of-loss-is-the-surest-way-to-ensure-a-profitable-outcome/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Do not suffer interim losses, relish and appreciate them](https://sms4smile.com/quotes/seth-klarman/do-not-suffer-interim-losses-relish-and-appreciate-them/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [Ratings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.](https://sms4smile.com/quotes/seth-klarman/ratings-agencies-are-highly-conflicted-unimaginative-dupes-they-are/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

> [It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the…](https://sms4smile.com/quotes/seth-klarman/it-is-crucial-to-have-a-strategy-in-place-before-problems-hit/)

[Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/)

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                        "text": "Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.",
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                        "text": "The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.",
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                        "text": "Selling, in particular, can be a challenge; many investors are tempted to become more optimistic when a security is performing well. This temptation must be resisted; tax considerations aside, when a security reaches full valuation, there is no longer a reason to own it.",
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                        "text": "Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we believe. To not only learn but also effectively implement investment lessons requires a disciplined, often contrary, and long-term-oriented investment approach. It requires a resolute focus on risk aversion rather than maximizing immediate returns, as well as an understanding of history, a sense of financial market cycles, and, at times, extraordinary patience.",
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                        "text": "Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny days and are almost never stress-tested for stormy weather. Securitization is an area that almost perfectly fits this description; markets for securitized assets such as subprime mortgages completely collapsed in 2008 and have not fully recovered. Ironically, the government is eager to restore the securitization markets back to their pre-collapse stature.",
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                        "text": "In a world in which most investors appear interested in figuring out how to make money every second and chase the idea du jour, there's also something validating about the message that it's okay to do nothing and wait for opportunities to present themselves or to pay off. That's lonely and contrary a lot of the time, but reminding yourself that that's what it takes is quite helpful.",
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                        "text": "Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.",
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                        "text": "Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. Hence few value investors will own the shares of technology companies. Many also shun commercial banks, which they consider to have unanalyzable assets, as well as property and casualty insurance companies, which have both unanalyzable assets and liabilities.",
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                        "text": "Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.",
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                        "@type": "Quotation",
                        "text": "When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.",
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                        "@type": "Quotation",
                        "text": "We work really hard never to get confused with what we know from what we think or hope or wish.",
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                        "text": "Investing today may well be harder than it has been at any time in our three decades of existence,",
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                        "@type": "Quotation",
                        "text": "Value investing is at its core the marriage of a contrarian streak and a calculator.",
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                        "text": "When people give away stocks based on forced selling or fear that is usually a great opportunity.",
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                        "@type": "Quotation",
                        "text": "Most institutional investors feel compelled to swing at almost every pitch and forgo batting selectivity for frequency.",
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                        "text": "The trick of successful investors is to sell when they want to, not when they have to.",
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