A Quote by Seth Klarman
My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One's very best idea's are likely to generate higher returns for a given level of risk than one's hundredth or thousandth best idea.
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People were intrinsically selfish, and many hated the idea of a woman in charge of the Institute. They would not put themselves at risk for her. Only a few weeks ago he would have said the same thing about himself. Now, knowing Charlotte, he realized to his surprise, the idea of risking himself for her seemed an honor, as it would be to most Englishmen to risk themselves for the queen.
The very essence of school is elitism. Schools exist to teach, to test, to rank hierarchically to promote the idea that knowing and understanding more is better than knowing and understanding less.
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good investments and that you wanted to be in good investments, and therefore, you'd just find a few of them that you knew a lot about and concentrate on those seemed to me such an obviously good idea. And indeed, it's proven to be an obviously good idea. Yet 98% of the investing world doesn't follow it. That's been good for us.
You know, an idea is just an idea. There seems to... the kind of epiphanies that you have, like the little sudden bursts of light, they're very small and they're very short and it's the pursuit of the idea that's the important thing. . . . I know a lot of people who have way better ideas than I do that-much more frequently than I do that just can't sit down and actually do it. Ideas are such are a little overrated really; it's the work behind the idea that's the important thing.
For a first-time entrepreneur, there's nothing better than being in Silicon Valley because there is so much going on, and there's such a large number of inventors, that even a B level idea or a C level idea could be nurtured and be given venture capital there.
We all [on Aladdin] have a passion to perform and a lot of us trained to do this and there's a certain gratification from knowing that you did your best work and knowing that you are at the level that you are at.
I think on some level, you do your best things when you're a little off-balance, a little scared. You've got to work from mystery, from wonder, from not knowing.
A great deal of love given to a few is better than a little to many.
It's not just about fashion and confidence in what you look like. It's confidence in anything you do. It's knowing you're the best, knowing you're bound to be great, killing it in every aspect of life.
There are great municipal investments out there, but on a blanket basis you have to be really careful about knowing what cash flows are supporting your investments.
It’s a risk I’m willing to take. This happens once in a lifetime. You meet someone and have this crazy reaction … you touch her skin and it’s the best skin you’ve ever felt, and no perfume on earth could be better than her smell, and you know you could never be bored with her because she’s interesting even when she’s doing nothing. Even without knowing everything about her, you get her. You know who she is, and it works for you on every level.
We're non-diversified. We focus. Why not buy more of your best idea rather than your 60th best idea? How many companies can I really know well over time and focus on, on a daily basis?
If there's anything worse than knowing too little, it's knowing too much. Education will broaden a narrow mind, but there's no known cure for a big head. The best you can hope is that it will swell up and bust.
The most important thing is to just do it. If I work at a higher level I have responsibility to do better than what I've done before. Sometimes the best happens - beyond possibility. Just do it. Can't worry about it.
I think the greatest thing we give each other is encouragement...knowing that I'm talking to someone in this mentoring relationship who's interested in the big idea here is very, very important to me. I think if it were just about helping me get to the next step, it would be a heck of a lot less interesting.
I believe that the time given to refutation in philosophy is usually time lost. Of the many attacks directed by many thinkers against each other, what now remains? Nothing, or assuredly very little. That which counts and endures is the modicum of positive truth which each contributes. The true statement is, of itself, able to displace the erroneous idea, and becomes, without our having taken the trouble of refuting anyone, the best of refutations.
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