A Quote by Seth Klarman
Successful investors must temper the arrogance of taking a stand with a large dose of humility, accepting that despite their efforts and care, they may in fact be wrong.
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We have already discovered the fact that fear is the chief reason for poverty and failure and misery that takes on a thousand different forms. We have already discovered the fact that the man who masters fear may march on to successful achievement in practically any undertaking, despite all efforts to defeat him.
One must have a large dose of humanity, a large dose of a sense of justice and truth in order to avoid dogmatic extremes, cold scholasticism, or an isolation from the masses. We must strive every day so that this love of living humanity is transformed into actual deeds, into acts that serve as examples, as a moving force.
We must learn to acknowledge that the creation is full of mystery; we will never entirely understand it. We must abandon arrogance and stand in awe. We must recover the sense of the majesty of creation, and the ability to be worshipful in its presence. For I do not doubt that it is only on the condition of humility and reverence before the world that our species will be able to remain in it.
If you should ask me what are the ways of God, I would tell you that the first is humility, the second is humility, and the third is humility. Not that there are no other precepts to give, but if humility does not preceed all that we do, our efforts are fruitless.
Act in such a way that your humility may not be weakness, nor your authority be severity. Justice must be accompanied by humility, that humility may render justice lovable.
Humility is the true key to success. Successful people lose their way at times. They often embrace and overindulge from the fruits of success. Humility halts this arrogance and self-indulging trap. Humble people share the credit and wealth, remaining focused and hungry to continue the journey of success.
One must be willing to stand alone - in the unknown, with no reference to authority or the past or any of one's conditioning. One must stand where no one has stood before in complete nakedness, innocence, and humility.
If arrogance is the heady wine of youth, then humility must be its eternal hangover.
Much has already been learned about the arrogance of the IRS from the House investigations of the agency's targeting of conservatives. The revelations emerged despite strenuous efforts by Democrats in Washington and by the IRS itself to block inquiries and deny the existence of political targeting - targeting that the former head of the IRS Exempt Organizations Unit, Lois Lerner, eventually acknowledged and apologized for in May 2013.
Investors frequently benefit from making decisions with less than perfect knowledge and are well rewarded for bearing the risk of uncertainty. The time other investors spend delving into the last unanswered detail may cost them the chance to buy into situations at prices so low they offer a margin of safety despite the incomplete information
Education must enable young people to effect what they have recognized to be right, despite hardships, despite dangers, despite inner skepticism, despite boredom, and despite mockery from the world. . . .
Life requires of man spiritual elasticity, so that he may temper his efforts to the chances that are offered.
You say that your hope is in God, and he will, I am sure, stand by you. But you must not forget that you have been given worldly means to use and employ against human arrogance and wrong; it is necessary to see such things with a broad mind in order to oppose them.
Short-term performance envy causes many of the shortcomings that lock most investors into a perpetual cycle of underachievement. Watch your competitors not out of jealousy but out of respect and focus your efforts not on replicating others' portfolios but on looking for opportunities where they are not. The only way for investors to significantly outperform is to periodically stand far apart from the crowd, something few are willing, or able, to do.
Arrogance is inimical to prudential reasoning, to accepting that for all we know and learn we also accumulate ignorance of the questions we do not ask, the risks we do not and cannot comprehend. In short, arrogance is what causes us to ignore our fallibilities.
What we suffer from today is humility in the wrong place...The old humility was a spur that prevented a man from stopping; not a nail in his boot that prevented him from going on. For the old humility made a man doubtful about his efforts, which made him work harder. But the new humility makes a man doubtful about his aims, which will make him stop working altogether.
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