A Quote by Benjamin Graham
Most businesses change in character and quality over the years, sometimes for the better, perhaps more often for the worse. The investor need not watch his companies' performance like a hawk; but he should give it a good, hard look from time to time.
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Sometimes men change for the better. Sometimes men change for the worse. And often, very often, given time and opportunity . . .’ He waved his flask around for a moment, then shrugged. ‘They change back.
Being a good private equity investor is more complicated than it seems. I would say that there are a few characteristics that are important. If you look at the skill set that you need to ultimately be a successful private equity investor, at least at the senior level, you have to be, in this business, a good investor. You have to be able to help companies perform and you have to have judgment around exiting investments. If you look at the skill sets there, they include some things you can teach and some that you can't.
I love actors. I enjoy their company, and I get excited each and every time they bring a character I've written to life. Every so often a talented actor doesn't hook in correctly to a character; or someone gets lost in a labyrinth of over-complicated thoughts, and the character and play suffer. However, most of the time I find actors either end up doing exactly what was in my head, or sometimes do something even better.
It's hard to tell our good luck sometimes. Hard to tell sometimes for many years to come. And most of us have wept copious tears over someone or something, when if we'd understood the situation better, we might have celebrated our good fortune insteadOne can never change the past, only the hold it has on you and while nothing in your life is reversible, you can reverse it nevertheless.
Companies watch what consumers are doing like a hawk. Just as one letter to a politician can signal an insipient problem, for companies, a trend where people are beginning to switch away from one of their key products to a rival offering on the basis of either claims or real improvements on performance, that's significant.
If you're going to be an investor, you're going to make some investments where you don't have all the experience you need. But if you keep trying to get a little better over time, you'll start to make investments that are virtually certain to have a good outcome. The keys are discipline, hard work, and practice. It's like playing golf - you have to work on it.
The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.
In many cases, Rhode Island is just not on the radar of a lot of companies. But once companies or people take the time to look at our high quality of life, low cost of living, great talent, good business environment, often people see it's an excellent place, and they want to take a harder look.
The Rising was mainly a piece of streat theatre designed by poets for dramatic effect. For better or worse, it became part of the founding myth which states need - but which they should move on from after a time. Major John MacBride, in a cameo performance in which he left Jacobs Mill, as he had entered it, immaculately dressed down to the white spats, told his colleagues Next time lads, don't shut yourself up behind four walls. It was good advice.
Ask yourself: Am I an investor, or am I a speculator? An investor is a person who owns business and holds it forever and enjoys the returns that U.S. businesses, and to some extent global businesses, have earned since the beginning of time. Speculation is betting on price. Speculation has no place in the portfolio or the kit of the typical investor.
He's been a top player for the last 10 years, and we all work on our swings, we all change things. We keep working and then we're trying to get better, and sometimes you get worse trying to get better. You've just got to give it some time, be patient for it to turn around, and when it does turn around, you feel like you can start winning again.
His view of time, and of change, has become that of most elderly people: he hates change, since for him - for his body - any change is for the worse. And if there is to be change, then he wants it to happen quickly, so it does not use up too much of the time remaining to him.
Industries with rapid change are the enemy of the investor. Tech businesses, particularly biotech, is a problem from that point of view. All industries work with change, but you should ideally be investing in businesses with a low rate of change, not a high rate of change.
Businesses typically look at issues like price, quality, time of delivery. They don't often think about social and environmental impact because they're focused on their financial bottom line.
I feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.
I like England more than I did when I left. It's become a bit of a better country in the last ten years, in the attitude of it. A bit more Americanized, which is both good and bad. At least when you order a cup of coffee they don't give you a hard time.
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