A Quote by Seth Klarman
Warren Buffett once wrote that value investing is like an inoculation--it either takes or it doesn't--and when you explain to somebody what it is and how it works and why it works and show them the returns, either they get it or they don't.
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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.
As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned.
A film is sort of binary - it either works or it doesn't work. It has nothing to do with how good a job you do. If you bring it up to an adequate level where the audience goes with the movie, then it works, that is all.
Price is what you pay, but value, as Warren Buffett has observed, is what you get.
It's always been like this since the beginning of time. You interact with one female or somebody that people will think you'll cute with and everybody either assumes that you're dating or they want you date. It's just how it all works.
I don't think Warren Buffett should be the treasurer or whatever. Warren Buffett's nuts! Just because he's a freaking billionaire doesn't mean he has common sense.
In any case, once you're dealing on a nonverbal level, ambiguity is unavoidable. But it's the ambiguity of all art, of a fine piece of music or a painting - you don't need written instructions by the composer or painter accompanying such works to 'explain' them. “Explaining” them contributes nothing but a superficial 'cultural' value which has no value except for critics and teachers who have to earn a living.
Over the time that I followed Warren Buffett, one CFO told me, it's very important to pay attention not only to what Warren Buffett says and what he actually does - often there are subtle differences between the two.
Don't explain why it works; explain how you use it.
If Warren Buffett could change his mind about investing in airlines, Mohnish Pabrai could change his mind about investing in autos. Pabrai, who has modeled his investment career and fee structure after Buffett's original partnership, counts General Motors, Fiat Chrysler, and Ferrari in his highly concentrated portfolio.
O, this faith is a living, busy, active, powerful thing! It is impossible that it should not be ceaselessly doing that which is good. It does not even ask whether good works should be done; but before the question can be asked, it has done them, and it is constantly engaged in doing them. But he who does not do such works, is a man without faith. He gropes and casts about him to find faith and good works, not knowing what either of them is, and yet prattles and idly multiplies words about faith and good works.
People think they want to know how magic works, but really they don't. How it works is never as amazing as what the trick was in the first place, so it's never going to make you feel good. Somebody just wanting to know how a trick works is never enough to make me want to tell them.
Use them with care, and use them with respect as to the transformations they can achieve, and you have an extraordinary research tool. Go banging about with a psychedelic drug for a Saturday night turn-on, and you can get into a really bad place, psychologically. Know what you're using, decide just why you're using it, and you can have a rich experience. They're not addictive, and they're certainly not escapist, either, but they're exceptionally valuable tools for understanding the human mind, and how it works.
In real life, a relationship takes a long time. Either somebody is involved with somebody else, and that's ending, or somebody's hung up on an ex, or your job isn't going right, and so you're focused more on that than relationships. It just takes a lot for two people to get together.
When you read reviews on Yelp, you get a good sense of what's going to happen when you walk in the door of that business. The challenge is that there are fifteen million businesses in the U.S., and its very hard to communicate with all of them about how Yelp works, and why it works the way it does.
I want to have a tax on people who are making a million dollars. It's called the Buffett rule. Yes, Warren Buffett is the one who's gone out and said somebody like him should not be paying a lower tax rate than his secretary. I want to have a surcharge on incomes above $5 million.
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