Short sellers age in dog years.

Complexity - limits competition.

Value investing is risk aversion.

Courage is a function of process.

Be focused on process and not outcome

There are no long-term lessons - ever.

Always look for forced urgent selling.

We worry top-down, but we invest bottom-up

Costs and liabilities are rarely overstated.

Avoid organizing investment team into silos.

You need humility to say 'I might be wrong.'

Over the long run, the crowd is always wrong.

Value investing by its very nature is contrarian.

I don't have a Bloomberg on my desk. I don't care.

Flexible approach - will look at ALL asset classes.

We don't deal in absolutes. We deal in probabilities.

Almost every financial blow up is because of leverage.

Having great clients is the key to investment success.

The way to maximize outcome is to focus on the process.

Do not suffer interim losses, relish and appreciate them

Investing is the intersection of economics and psychology.

Hold cash when opportunities are not presenting themselves.

Depressions aren't good but the depression mentality is good.

Never stop reading. History doesn't repeat, but it does rhyme.

The best protection against risk is knowing what you are doing.

I think markets will never be efficient because of human nature.

We buy expecting to hold a bond to maturity and a stock forever.

Great investments don't just knock on the door and say "buy me".

There is no amount of bad news that the markets cannot see past.

Loss avoidance must be the cornerstone of your investment philosophy.

Limit risk with: Deep analysis Bargain purchase Sensitivity analysis.

The real secret to investing is that there is no secret to investing.

Buying's easier, selling's hard - [it's] hard to know when to get out.

The avoidance of loss is the surest way to ensure a profitable outcome.

Generally, the greater the stigma or revulsion, the better the bargain.

The single greatest edge an investor can have is a long-term orientation.

Excess capacity in people, machines, or property will be quickly absorbed.

If another person were to enter the building, it would once again be empty.

Sometimes buying early on the way down looks like being wrong, but it isn't.

Value investing is predicated on the efficient market hypothesis being wrong.

When a government official says a problem has been "contained," pay no attention.

Value investing is at its core the marriage of a contrarian streak and a calculator.

The government can indefinitely control both short-term and long-term interest rates.

The trick of successful investors is to sell when they want to, not when they have to.

We are big fans of fear, and in investing it is clearly better to be scared than sorry.

Investment success cannot be captured in a mathematical equation or a computer program.

The cost of performing well in bad times can be relative underperformance in good times.

One must understand the importance of an endless drive to get information and seek value.

All investors must come to terms with the relentless continuity of the investment process.

Be indifferent if you lose your short term clients, remember they are your own worst enemy

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