A Quote by Seth Klarman
It turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
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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.
People say their weight is genetic. But it turns out that people who are overweight don't just have overweight kids. They also have overweight pets. That's not genetic.
People talk about discipline, but to me, there's discipline and there's self-discipline. Discipline is listening to people tell you what to do, where to be, and how to do something. Self-discipline is knowing that you are responsible for everything that happens in your life; you are the only one who can take yourself to the desired heights.
What's in my mind is that I'm investing in people. It might be through a building or a program, but I'm investing in people. And the people that I'm investing in are underprivileged or hold a core value that I believe in.
The most important attribute for success in value investing is patience, patience, and more patience. The majority of investors do not possess this characteristic.
The mythology around colorblindness leads people to imagine that if poor kids of color are failing or getting locked up in large numbers, it must be something wrong with them. It leads young kids of color to look around and say: "There must be something wrong with me, there must be something wrong with us. Is there something inherent, something different about me, about us as a people, that leads us to fail so often, that leads us to live in these miserable conditions, that leads us to go in and out of prison?"
Warren Buffett has said many times that people either get value investing in five minutes or they won't get it in five years. So, there is something in the human brain, that for some of us, makes all the difference in the world right away and the patience it requires is part of the wiring process.
[Visiting Richard Nixon] useful only to me. The experience taught me that when people do something against you, that something always turns out in your favor.
The value of a story isn't that it just has a narcotic effect. It's that it awakens something in you that makes you want to think, that makes you talk to other people, that stirs something that makes you examine the story that eventually turns into self-examination.
The good reviews that people have told me about through the years haven't really helped me do my job. So it's kind of like, if your hair turns out right you want to go out, you don't just want to stay in and look in the mirror. That's kind of what reading a review is like to me; it's like reveling in something that's just one night.
The value that really counts is that which is shown on the pitch, not what theyBsay your value is. Money is secondary. being so expensive is not something I like especially; I'm interested in what people think of me on the playing field.
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to value the stock.
The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension fund consultants to get fees prattling about and a way for one advisor to distinguish himself from another. But, to me, all intelligent investing is value investing.
Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process.
There is no such thing as preaching patience into people, unless the sermon is so long that they have to practice it while they hear. No man can learn patience except by going out into the hurlyburly world, and taking life just as it blows. Patience is but lying to, and riding out the gale.
Successful Investing takes time, discipline and patience. No matter how great the talent or effort, some things just take time: You can't produce a baby in one month by getting nine women pregnant.
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