A Quote by Seth Klarman
I think Buffett is a better investor than me because he has a better eye toward what makes a great business. And when I find a great business I'm happy to buy it and hold it. Most businesses don't look so great to me.
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Ann Taylor - great name, great real estate, shitty business. Gap -great name, great real estate, declining business. J.Crew - Hellooo? Great name, better fashion image than the Gap.
Business is just like sports: if you're the best in the group that you run in, you're never going to get any better. It's the same thing in business. I surround myself with people who are smarter than me and have more experience than me, and I have gotten a lot of great advice.
...The God I know is one that promotes peace and freedom. But I get great sustenance from my personal relationship. That doesn't make me think I'm a better person than you are, by the way. Because one of the great admonitions in the Good Book is, don't try to take a speck out of your eye if I've got a log in my own.
It's hard to find trainers to train, coaches to coach. Just because someone was great in the business doesn't mean they can teach someone else how to be great in the business; and just because someone wasn't great in the business, doesn't mean they can't teach somebody. I used to be a firm believer in the other.
Buying a share of a good business is better than buying a share of a bad business. One way to do this is to purchase a business that can invest its own money at high rates of return rather than purchasing a business that can only invest at lower ones. In other words, businesses that earn a high return on capital are better than businesses that earn a low return on capital.
The relationship that counts most in my life is the one I have with myself. I have a great, great, great relationship with myself, and it gets better and better as I get older. The other day, I was talking to Barry in the car and I said, 'I'm so glad I'm me!'
Regardless of what people think of the WWE, we're great at storylines; we're great at drawing money. We're great at causing controversy, and when the other sports do it, they usually do better. It keeps it interesting and makes it fun for the fans.
I think it's always hard to find great roles, no matter what age you are. So I always say to people, 'You have to remember that Hollywood is in the business of making movies that they can sell tickets to; they're not in the business of finding great roles for actors.'
I think I learned more than most rookies learned just because the stuff with injuries and everything like that. But I think I had great vets who taught me the system quick. Most stories I hear is, most rookies get left on their own because the vets have got their business to take care of, but with me, I felt like we were all connected.
Wrigley is a great business, but that doesn't solve the problem. Buying great businesses at advantageous prices is very tough.
There's just nothing to me so invaluable in my business, but in many businesses, as great mentors.
Your real statesman is first of all, and chief of all, a great human being, with an eye for all the great fields on which men likehimself struggle, with unflagging, pathetic hope, toward better things.... He is a guide, a counselor, a mentor, a servant, a friend of mankind.
The more moral the people are in their business dealings, the less paperwork you need, the more handshakes you can have, the more the wheels of capitalism work better because there's trust in the marketplace. Business ethics is not a joke. And, in fact, I think most businesses that I've dealt with encourage exactly that type of behavior.
Believe me, it is a great deal better to find cast-iron proof that you're innocent than to languish in a cell hoping that the police---who already think you're guilty---will find it for you.
There's a clarity that comes with great ideas: You can [easily and simply] explain why something's a great business, how and why it's cheap, why it's cheap for temporary reasons and how, on a normal basis, it should be trading at a much higher level. You're never sitting there on the 40th page of your spreadsheet, as Buffett would say, agonizing over whether you should buy or not.
I'll tell you what makes a great manager: A great manager has a knack for making ballplayers think they are better than they think they are. He forces you to have a good opinion of yourself. He lets you know he believes in you.
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