A Quote by Jean-Marie Eveillard
Most people aren't cut out for value investing, because human nature shrinks from pain.
Related Quotes
What's in my mind is that I'm investing in people. It might be through a building or a program, but I'm investing in people. And the people that I'm investing in are underprivileged or hold a core value that I believe in.
Solidarity is a beautiful word because it means that you reach out to those who are different from you and who have to cope with different circumstances because we recognize that we all share the same human needs and same values. It is the values that count most of all. The value of freedom of thought, the value of democratic practices, the value of respect for your fellow human beings.
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
People are at their best when they are challenged. If we don't challenge ourselves, nature has a way of giving us challenges anyway. There is great value in our struggles, and human nature has shown us that we only value the things we struggle to achieve.
Value investing by its very nature is contrarian.
I loathe hair salons. People have always told me I am in the wrong business because I can't stand getting my hair cut or having it messed around with. Hairdressers feel as if they've got to be your shrinks. I just want them to do my hair so I can get out of there.
So this is what I will do. I will gather together my past and look. I will see a thing that has already happened. the pain that cut my spirit loose. I will hold that pain in my hand until it becomes hard and shiny, more clear. And then my fierceness can come back, my golden side, my black side. I will use this sharp pain to penetrate my daughter's tough skin and cut her tiger spirit loose. She will fight me, because this is the nature of two tigers. But I will win and giver her my spirit, because this is the way a mother loves her daughter.
Value investing strategies have worked for years and everyone's known about them. They continue to work because it's hard for people to do, for two main reasons. First, the companies that show up on the screens can be scary and not doing so well, so people find them difficult to buy. Second, there can be one-, two- or three-year periods when a strategy like this doesn't work. Most people aren't capable of sticking it out through that.
It's human nature: for most investors, the pain of stocks going down is more tangible than the joy of when they go up. The common impulse is to do something - anything - to minimise the pain.
[W]e think the very term 'value investing' is redundant. What is 'investing' if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value -- in the hope that it can soon be sold for a still-higher price -- should be labeled speculation (which is neither illegal, immoral nor -- in our view -- financially fattening).
I can't experience my brain because I'm inside of it. If you're imaging your brain, you can also find scary things. As one ages, your brain shrinks. And how much it shrinks, and where it shrinks, relates to conditions like Alzheimer's and dementia.
The exact details of how you practice value investing will vary investor to investor, but the fundamental principle of scouring the world, looking for dollar bills that you can buy for 50 cents or at some big discount - that is universal to value investing.
Most of us still believe in the intrinsic value of nature, but I think the first century of the environmental/conservation movement demonstrated pretty clearly that this value cannot compel a civilization-wide shift toward sustainable behavior and enterprise when stacked up against the urgent economic and social needs of 7 billion people, most of whom are struggling to get out of poverty.
The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.
It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
Pain is not wrong. Reacting to pain as wrong initiates the trance of unworthiness. The moment we believe something is wrong, our world shrinks and we lose ourselves in the effort to combat the pain.
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