A Quote by Jean-Marie Eveillard
To be a value investor, you have to be willing [and able] to suffer pain.
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The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be worth', and, second, that the investor is able to increase or decrease his investment at the market's daily figure - 'if he chooses'. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.
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.
The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.
While it might seem that anyone can be a value investor, the essential characteristics of this type of investor-patience, discipline, and risk aversion-may well be genetically determined.
The best test to know whether an entity is real or fictional is the test of suffering. A nation cannot suffer, feel pain or fear, or has no consciousness. Even if it loses a war, the soldier suffers, the civilians suffer, but the nation cannot suffer. Similarly, a corporation cannot suffer, when it loses its value, it doesn't suffer. All these things, they're fictions. If people bear in mind this distinction, it could improve the way we treat one another and the other animals. It's not a good idea to cause suffering to real entities in the service of fictional stories.
Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God?
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.
Though we may not always be able to avoid pain, we can choose how much we suffer.
A lot of people say they want to get out of pain, and I'm sure that's true, but they aren't willing to make healing a high priority. They aren't willing to look inside to see the source of their pain in order to deal with it.
'Larry Crowne' is about as bummed out a human being as one can be when he loses his job. What he is able to enjoy is something that may not be available to everybody. But it's about the value of being willing to get and willing to give good advice.
We take the traditional value investor's process and just flip it around a little bit. The traditional value investor asks 'Is this cheap?' and then 'Why is it cheap?' We start by identifying a reason something might be mispriced, and then if we find a reason why something is likely mispriced, then we make a determination whether it's cheap.
When you first meet an investor, you've got to be able to say in one compelling sentence - that you should practice like crazy - what your product does, so that the investor that you are talking to can immediately picture the product in their own mind.
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.
A wise man will make haste to forgive, because he knows the true value of time, and will not suffer it to pass away in unnecessary pain.
We have to understand in order to be of help. We all have pain, but we tend to suppress it, because we don't want it to come up to our living room. the most important thing is that we need to be understood. We need someone to be able to listen to us and to understand us, then we will suffer less, but everyone is suffering, and no one wants to listen. We don't know how to express ourselves so that people can understand. because we suffer so much, the way we express our pain hurts other people, and they don't want to listen.
If you're a technology investor, and you decide that you're also going to be a healthcare investor or a green-tech investor, that doesn't usually work out that well. There are reasons why people make their careers studying these things and becoming experts.
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