A Quote by Seth Klarman

Below, we itemize some of the quite different lessons investors seem to have learned as of late 2009 - false lessons, we believe. To not only learn but also effectively implement investment lessons requires a disciplined, often contrary, and long-term-oriented investment approach. It requires a resolute focus on risk aversion rather than maximizing immediate returns, as well as an understanding of history, a sense of financial market cycles, and, at times, extraordinary patience.
You can take lessons to become almost anything: flying lessons, piano lessons, skydiving lessons, acting lessons, race car driving lessons, singing lessons. But there's no class for comedy. You have to be born with it. God has to give you this gift.
Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.
I am big on - even with our whole team - it's always about, well, what were the lessons learned? Something didn't work out? What are the lessons learned? What are the lessons learned?
Lessons that come easy are not lessons at all. They are gracious acts of luck. Yet lessons learned the hard way are lessons never forgotten.
There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.
Over the years, I've discovered that lessons in cooking come in two forms. There are the lessons that you never fully learn; skills that you get better and better at, but never quite perfect. Then there are the lessons that you only need to learn once because the results of not following them will literally scar you for life.
You will fail many times but in failing you'll learn and in learning you'll find your way. Remember, there are no mistakes in life but only lessons, and lessons will keep on repeating until learned
Frequent comparative ranking can only reinforce a short-term investment perspective. It is understandably difficult to maintain a long-term view when, faced with the penalties for poor short-term performance, the long-term view may well be from the unemployment line ... Relative-performance-oriented investors really act as speculators. Rather than making sensible judgments about the attractiveness of specific stocks and bonds, they try to guess what others are going to do and then do it first.
As you go through life, you learn many lessons. Unfortunately these lessons only apply to the specific instances in which you learned them. Therefore you can expect to make horrible mistakes no matter how long you live.
I learned many lessons from my first race with my heroes. I learned it was easier to breathe when I cried, so I cried often and without shame. I learned that a teammate's faith in you can propel you up any mountain. I learned that winning requires an entirely different mind-set than not losing. I learned that the best teams in the world share not only their strengths but also their weaknesses. I learned that you don't inspire your teammates by showing them how amazing you are. You inspire them by showing them how amazing they are.
Over the long term, despite significant drops from time to time, stocks (especially an intelligently selected stock portfolio) will be one of your best investment options. The trick is to GET to the long term. Think in terms of 5 years, 10 years and longer. Do your planning and asset allocation ahead of time. Choose a portion of your assets to invest in the stock market - and stick with it! Yes, the bad times will come, but over the truly long term, the good times will win out - and I hope the lessons from 2008 will help get you there to enjoy them.
As I accepted the change of the golden hair of my childhood to the reddish-brown hair of my youth without regret, so I also accept my silver hair-and I am ready to accept the time when my hair and the rest of my clay garment returns to the dust from which it came, while my spirit goes on to freer living. It is the season for my hair to be silver, and each season has its lessons to teach. Each season of life is wonderful if you have learned the lessons of the season before. It is only when you go on with lessons unlearned that you wish for a return.
That men do not learn very much from the lessons of history is the most important of all the lessons of history.
From where you sit, it may seem that certain people should know better. People are who they are and do what they do whether or not you like it or agree with them. We each have different lessons to learn. We each take a different path to our lessons.
You just can't learn certain lessons until you get to different elbows of the curve in scale. With a business that most estimate is several times the size of the next nine providers combined, we've learned certain lessons that you just can't learn until you get to that level of scale.
I believe that nothing is more important to our ability to effectively address our present than understanding the lessons learned from those who have come before us.
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