A Quote by Seth Klarman
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.
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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.
By periodically investing in an index fund, the know-nothing investors can actually outperform most investment professionals.
The company has been clear from the start that we try to serve customers long-term, and long-term investors are going to be more excited about Amazon than short-term investors.
I do lament how many investors focus on all the short-term sugar buzz of some marginal improvement in something - nothing history books are ever going to be written about. In many cases, these are quick and easy ways to make money.
I respect my competitors, you know, I get respect back from them. I respect people out there who pay for their tickets to come watch us compete. And I respect the reporters because they've got to come out here and tell a good story. That's what it is. It's just a cycle of respect.
Many investors make the mistake of buying high and selling low while the exact opposite is the right strategy to outperform over the long term.
Investor confidence in Adani is fairly high, and most of our investors are long-term investors.
Under pressure from a growing movement of people who want their money out of fossil fuels, universities, pension investors and foundations are looking to exclude coal, oil and gas stocks from their portfolios.
A market downturn, doesn't bother us. For us and our long term investors, it is an opportunity to increase our ownership of great companies with great management at good prices. Only for short term investors and market timers is a correction not an opportunity.
Assuming that the future is like the past, you can outperform 80 percent of your fellow investors over the next several decades by investing in an index fund-and doing nothing else. But acquire the discipline to do something even better: become a long-term index fund investor.
Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed.
The government has brought on the housing problem, partly by these very low interest rates, which encouraged many people to go way out on a limb. They've brought it on by highly restrictive building policies, which have caused housing prices to skyrocket artificially. And they've brought it on by the Community Reinvestment Act, which presumes that politicians are better able to tell investors where to put their money than the investors themselves are. When you put all that together, you get something like what you have.
We need a federal government commission to study the way our financial services system is working - I believe it is working badly - and we also need more educated investors. There are good long term low-priced mutual funds - my favorite is a total stock market index fund - and bad short term highly priced mutual funds. If investors would get themselves educated, and invest in the former - taking their money out of the latter - we would see some automatic improvements in the system, and see them fairly quickly.
When a state offers your company an attractive package of incentives to relocate, you have to look at it, and if it significantly boosts your bottom line, you have to take it or answer to your investors.
Too often, investors are the target of fraudulent schemes disguised as investment opportunities. As you know, if the balance is tipped to the point where investors are not confident that there are appropriate protections, investors will lose confidence in our markets, and capital formation will ultimately be made more difficult and expensive.
With stand-up you meet almost constant rejection. You put yourself out there with your thoughts and your ideas, and you think they're funny, and you hope other people think they're funny too. The only way you're going to find out is when you do it and what the reaction is going to be. So if you're not prepared for that, if you're not willing to go along with that, it's going to be a rough road. But beyond stand-up, in terms of auditioning for acting roles, you don't get most of the roles you audition for - you get a precious few.
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