A Quote by 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, and reflection. It requires endless curiosity, the relentless pursuit of additional information, the raising of questions, and the search for answers. It necessitates dealing with imperfect information - knowing you will never know everything and that that must not prevent you from acting. It requires a precarious balance between conviction, steadfastness in the face of adversity, and doubt - keeping in mind the possibility that you could be wrong.
The entire pursuit of value investing requires you to see where the crowd is wrong so that you can profit from their misperceptions.
Empathy isn’t just listening, it’s asking the questions whose answers need to be listened to. Empathy requires inquiry as much as imagination. Empathy requires knowing you know nothing. Empathy means acknowledging a horizon of context that extends perpetually beyond what you can see.
If the courts regarded tweets and other social media information as private, it would not prevent the law enforcement from getting information it really needs. But the government would have to get a search warrant, which requires it to show that it has probable cause connecting what is being searched to a crime.
Humor requires perspective. Perspective requires focus. Focus requires balance. Balance requires attention to the present moment. In the 'now' one is freed from labels. Success and failure, good luck and bad—they're all constructs of your mind.
Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.
Science is not a heartless pursuit of objective information. It is a creative human activity, its geniuses acting more as artists than as information processors.
The most important feature of an information economy, in which information is defined as surprise, is the overthrow, not the attainment, of equilibrium. The science that we have come to know as information theory establishes the supremacy of the entrepreneur because it appreciates the powerful connection between destruction and what Schumpeter described as "creative destruction," between chaos and creativity.
What is wrong is not the great discoveries of science—information is always better than ignorance, no matter what information or what ignorance. What is wrong is the belief behind the information, the belief that information will change the world. It won’t.
Such is the endless dilemma of dialect. Not every reader will ever agree with the way that I handle it, no matter how hard I work to keep everything readable. But again it's that balance I have to maintain between keeping it easy and keeping it real, and I know that I'll never please everyone.
The pursuit of God is not a part-time, weekend exercise. If it is, chances are you will experience a part-time, weekend freedom. Abiding requires a kind of staying power. The pursuit is relentless. It hungers and thirsts. It pants as the deer after the mountain brook. It takes the kingdom by storm...The pursuit of God is a pursuit of passion. Indifference will not do. To abide in the Word is to hang on tenaciously. A weak grip will soon slip away. Discipleship requires staying power. We sign up for duration. We do not graduate until heaven.
Groups are only smart when there is a balance between the information that everyone in the group shares and the information that each of the members of the group holds privately. It's the combination of all those pieces of independent information, some of them right, some of the wrong, that keeps the group wise.
The 1970s was the decade of developments in the new area of information economics. Search theory, which emphasized the need to gather information, was joined by models that featured asymmetric information, the case in which information differed across individual agents.
Democracy requires information. Plato knew that informed decision-making requires knowledge.
Information can tell us everything. It has all the answers. But they are answers to questions we have not asked, and which doubtless don't even arise.
The media plays an essential role in our culture. It is the Fourth Estate; it's an undeniably essential instrument in the great American experiment - in keeping our democracy functional. People have very strong opinions about what that means and how information should be disseminated to a population that requires information.
People will continue to search for answers to universal and perplexing problems. But to find meaningful answers, one must first know what questions to ask.
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