A Quote by Seth Klarman
You need to balance arrogance and humilitywhen you buy anything, it's an arrogant act. You are saying the markets are gyrating and somebody wants to sell this to me and I know more than everybody else so I am going to stand here and buy it. I am going to pay an 1/8th more than the next guy wants to pay and buy it. That's arrogant. And you need the humility to say 'but I might be wrong.' And you have to do that on everything
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The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.
Companies are bought not sold, an investment banker told me that once and it is very true. Basically what it means is you can't control selling your company, you can only sell it if somebody wants to buy it, and you need someone to want to buy it.
We buy a bottle of water in the city, where clean water comes out in its taps. You know, back in 1965, if someone said to the average person, 'You know in thirty years you are going to buy water in plastic bottles and pay more for that water than for gasoline?' Everybody would look at you like you're completely out of your mind.
We buy a bottle of water in the city, where clean water comes out in its taps. You know, back in 1965, if someone said to the average person, You know in thirty years you are going to buy water in plastic bottles and pay more for that water than for gasoline? Everybody would look at you like youre completely out of your mind.
If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year. [...] And when somebody makes it very easy for you to do it by saying you don't really have to put up my money, you can lie about your income a little, or we'll give you 100 percent mortgage, you're going to do it, because everybody that's done it has been proven right. You have what they call social tools, and, you know, you're going to feel like an idiot if you didn't do it, because the house cost more.
I love going to art galleries. The Tate Modern is one of my favourite things to do. But I don't invest in the history of it and I don't read up on it. I am a guy who would buy a print rather than buy an original.
Investors... can't pick stocks that are better than average. Stocks are a good thing to own over time. There's only two things you can do wrong: You can buy the wrong ones, and you can buy or sell them at the wrong time. And the truth is you never need to sell them.
Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.
It's nice that I can go on the road and there are more people to buy tickets. There are also more people to piss off who might not buy a ticket if I say the wrong thing. But I have to remember that if I stifle what my gut tells me to say in the name of "What if that person doesn't buy a ticket someday?" that's just not how I came up or how I thought. I have to consciously remind myself that even though things are going better now, I still have to be who I've always been. I can't get gun shy or scared about that.
Don't buy a single vote more than necessary. I'll be damned if I'm going to pay for a landslide.
Everybody wants to matter. And that's the sales pitch. So all you have to do is go out and, you know, buy some new kind of newfangled hybrid car or agree to raise taxes or, if you go to the store, buy everything and anything with a green label on it and you are saving the planet.
I was born to sell it as a kid. I think it's partially innate, and partly it's because my parents were always very clear: if I needed anything that wasn't a necessity, I was going to have to save my money and buy it myself. That meant not only did I have to buy basketball shoes, but I had to figure out how to pay for college as well.
That would be nice if [people] stuck [treasury bills] all under a mattress, but they got to buy something with them. Sometimes they buy a treasury note, sometimes they set up sovereign wealth funds. They can do all kinds of things. They can buy our companies here. As long as we consume more than we produce, and we trade away little pieces of the country daily, they're going to own something. Now, they can't run from American assets. I mean every day the rest of the world is going to have about two billion more of American assets than we have, as long as they sell us these goods.
When the masters of industry pay such sums for a newspaper, they buy not merely the building and the presses and the name; they buy what they call the "good-will"- that is, they buy you. And they proceed to change your whole psychology - everything that you believe about life. You might object to it, if you knew; but they do their work so subtly that you never guess what is happening to you!
It is better to buy from a small, privately owned local store than from a chain store. It is better to buy a good product than a bad one. Do not buy anything you don't need. Do as much as you can for yourself. If you cannot do something for yourself, see if you have a neighbor who can do it for you. Do everything you can to see that your money stays as long as possible in the local community.
We've been trained to spend money since we were born with all these commercials with toys and G.I. Joes and Transformers. But there's so many things in the supermarket, there's so many things on television that automatically, when you turn it on, are saying, 'Buy! Buy! Buy! Buy! Buy! Buy! Buy!'
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