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Selected Value Investing Quotes

Pop1256 views  2012-07-17 00:04

Selected Value Investing Quotes

“Those who spend too much will eventually be owned by those who are thrifty.” – John Templeton

“We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett

“I think markets will never be efficient because of human nature.” – Seth Klarman

Activity is the enemy of investment returns.” – Warren Buffett

“The true investor scarcely ever is forced to sell his shares and at all other times is free to disregard the current price quotation. In the short run, the market is a voting machine, but in the long run it is a weighing machine.” – Ben Graham

 “Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.”

“Buy to the sound of cannons and sell to the sound of trumpets.” – attributed to Nathan Mayer Rothschild

“The desire to perform all the time is usually a barrier to performing over time.” – Robert Olstein

To thrive as a value investor you have to “risk being called a dummy from time to time.” – Christopher H. Browne

 “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t, pays it.”? Albert Einstein

“Risk is not inherent in an investment; it is always relative to the price paid. Uncertainty is not the same as risk. Indeed, when great uncertainty – such as in the fall of 2008 – drives securities prices to especially low levels, they often become less risky investments.” – Seth Klarman

“If you can remember that stocks aren’t pieces of paper that gyrate all the time – they are fractional interests in businesses – it all makes sense.” – Seth Klarman

“The market always does what it’s supposed to do only never when it’s supposed to do it.” -ArnoldVan De Berg

“The trick of successful investors is to sell when they want to, not when they have to.” – Seth Klarman

 “Great investors are not unemotional, but are inversely emotional – they get worried when the market is up and feel good when everyone is worried.” – Bill Miller

Regarding a focus on daily price movements: “I don’t have a Bloomberg on my desk. I don’t care.” – Seth Klarman

“The single greatest edge an investor can have is a long-term orientation.”- Seth Klarman

“The stock market is filled with individuals who know the price of everything but the value of nothing.”

“It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton

“Markets can remain irrational a lot longer than you and I can remain solvent.” – John Maynard Keynes

The four most dangerous words in investing: This time is different. – Attributed to John Templeton

I never ask if the market is going to go up or down because I don’t know, and besides it doesn’t matter. I search nation after nation for stocks, asking: ‘Where is the one that is lowest-priced in relation to what I believe it’s worth?’ Forty years of experience have taught me you can make money without ever knowing which way the market is going.” – John Templeton

“The investor’s chief problem – even his worst enemy – is likely to be himself.” – Benjamin Graham

“Don’t pass up something that’s attractive today because you think you will find something way more attractive tomorrow.” – Warren Buffett

“Cash combined with courage in a time of crisis is priceless.” – Warren Buffett

“You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map – way off the map.” – Warren Buffett

“The person who turns over the most rocks wins the game.” – Peter Lynch

“Never confuse genius with a bull market.” 

“It is easier to rationalize than it is to be rational.”

“You will be right, over the course of many transactions, if your hypotheses are correct, your facts are correct, and your reasoning is correct. True conservatism is only possible through knowledge and reason.” – Warren Buffett

In 2005, a group of students from the University of Kansas met with Warren Buffett. Their first question was whether he would still be able to earn investment returns of 50% annually. Buffett responded:  “Yes, I would still say the same thing today. In fact, we are still earning those types of returns on some of our smaller investments. The best decade was the 1950s; I was earning 50% plus returns with small amounts of capital. I could do the same thing today with smaller amounts. It would perhaps even be easier to make that much money in today’s environment because information is easier to access.


“I hated discussing ideas with investors, because then I become a Defender of the Idea, and that influences your thought process.” – Mike Burry

“The lesson of Buffet is, to succeed in a spectacular fashion you have to be spectacularly unusual.”

“Face up to two unpleasant facts: the future is never clear and you pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values.”– Warren Buffett

“Having great clients is the key to investment success.” – Seth Klarman

“I don’t believe anything unless I understand it inside out. And even if I understand something, it is not uncommon that I disagree with accepted view (even if it’s a Nobel laureate).” – Mike Burry

When the price of an asset rises, demand generally falls (and vice versa). When the price of a financial asset rises, however, demand generally rises (and vice versa). 

“It is usually agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of stock exchanges.” – John Maynard  Keynes

“I don’t believe all this nonsense about market timing. Just buy very good value and when the market is ready that value will be recognized.” – Henry Singleton

 “Buy when there’s blood in the streets, even if the blood is your own.” – attributed to Nathan Mayer Rothschild

“The only way to test a hypothesis is to look for all the information that disagrees with it.” – Karl Popper

“A person who has not made peace with his losses is likely to accept gambles that would be unacceptable to him otherwise.” –  Daniel Kahneman

“Investing should be dull, like watching paint dry or grass grow.” – Paul Samuelson

“Money managers have to account for their actions to their shareholders, which means they have an undue fear of underperformance. We invest only our own money. Our investments are driven by optimism, not fear.” – Richard Chandler

“We’re in the business not so much of being contrarians deliberately, but rather we like to take perceived risk instead of actual risk. And what I mean by that is that you get paid for taking a risk that people think is risky, you particularly don’t get paid for taking actual risk.” – Wilbur Ross

“You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.” – Seth Klarman

“Investing is not a game where the guy with the 160 IQ beats the guy with the 130 IQ. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing.”  —Warren Buffett

“There are no bad days in the market. When the market is down, you’ve got bargains, and it’s lovely to think of what you are buying at low prices. When the market is up, the bargains have gone, but you’re rich.” – Bruce Greenwald

“Our ideas and philosophies are simple, yet effective. The reason they are not more broadly adopted is because industry dynamics make it nearly impossible to implement. Non-activity in the face of short-term underperformance is simply not tolerated, even though realistic assumptions (you can’t outsmart other smart people all the time) and basic math (lower frictional costs) confirm its worth. Most fund managers’ capital would not stick around long enough so they simply comply with more standard methods of operation in the spirit of keeping their jobs.” – Allan Mecham

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