Investment Quotes - Page 15

• The 'Occupy' movement has no real solutions, except more government, more spending, more regulation, more bureaucracy, more unsustainable lethargic pseudo-university with no return on investment, more more more of what got us into this hole.

  Mark Steyn

  Real, Government, Occupy Movement

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• Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realization of underlying value. Give reference to companies having good managements with a personal financial stake in the business. Finally, diversify your holdings and hedge when it is financially attractive to do so.

  Seth Klarman

  Giving, Good Man, Attention

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• Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.

  Seth Klarman

  Believe, Mean, Loss

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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.

  Seth Klarman

  Views, Perspective, Long

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• Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.

  Seth Klarman

  Wall, Investment Success, Self

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• Avoiding where others go wrong is an important step in achieving investment success. In fact, it almost assures it.

  Seth Klarman

  Investment Success, Important, Facts

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• Everything I do in investment is just very different.

  Michael Burry

  Different

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

  Seth Klarman

  Relentless, Process, Term

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• I wait until an investment idea is so good, it hits me over the head like an anvil.

  Joel Greenblatt

  Ideas, Waiting, Anvils

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

  Seth Klarman

  Doors

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• It is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.

  Seth Klarman

  Sound, Digging, Information

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• Avoid organizing investment team into silos.

  Seth Klarman

  Team

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• Do not accept principal risk while investing short-term cash: the greedy effort to earn a few extra basis points of yield inevitably leads to the incurrence of greater risk, which increases the likelihood of losses and severe illiquidity at precisely the moment when cash is needed to cover expenses, to meet commitments, or to make compelling long-term investments.

  Seth Klarman

  Commitment, Loss, Yield

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• At equal returns, public investments are generally superior to private investments not only because they are more liquid but also because amidst distress, public markets are more likely than private ones to offer attractive opportunities to average down.

  Seth Klarman

  Opportunity, Average, Return

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• Having clients with a long-term orientation is crucial. Nothing else is as important to the success of an investment firm.

  Seth Klarman

  Long, Important, Clients

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• 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.

  Seth Klarman

  Believe, Long, Focus

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• In a crisis, stocks of financial companies are great investments, because the tide is bound to turn. Massive losses on bad loans and soured investments are irrelevant to value; improving trends and future prospects are what matter, regardless of whether profits will have to be used to cover loan losses and equity shortfalls for years to come.

  Seth Klarman

  Loss, What Matters, Years

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• Literally draw a detailed map-like an organization chart-of interlocking ownership and affiliates, many of which were also publicly traded. So, identifying one stock led him to a dozen other potential investments. To tirelessly pull threads is the lesson that I learned from Mike Price.

  Seth Klarman

  Organization, Maps, Lessons

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• 'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

  Charlie Munger

  Men, Thinking, Practice

  "Charlie Munger: The Complete Investor". Book by Tren Griffin, September 15, 2015.

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• The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results. But why would you get on the bandwagon like that if somebody didn't make you with a whip and a gun?

  Charlie Munger

  Thinking, Gun, Intelligent

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• The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends to shareholders are zero. This is a very peculiar way to run a republic.

  Charlie Munger

  Running, Zero, Advice

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• If the investor is uneducated, anything he or she invests in will be risky. So it's not the investment that is risky. It's the investor.

  Robert Kiyosaki

  Ifs, Investors, Uneducated

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• The Rule of 72 is useful in determining how fast money will grow. Take the annual return from any investment, expressed as a percentage, and divide it into 72. The result is the number of years it will take to double your money.

  Peter Lynch

  Years, Numbers, Return

  Peter Lynch (2012). “Beating the Street”, p.108, Simon and Schuster

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• When you consider the sheer magnitude of investable equities to choose from in the world's emerging markets, you realize that finding one that looks attractive enough to warrant investing your faith and assets in is as formidable a task as finding a needle in a haystack. Fortunately, researching investment opportunities is a lot more interesting than digging for needles in haystacks.

  Mark Mobius

  Opportunity, Interesting, Digging

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• Sometimes, when there's too much traffic clogging up the road you need to take a different route. But following the same path as everyone else can stall your progress in reaching your investment goals too.

  Mark Mobius

  Clogging Up, Goal, Progress

  "I Myself Have Fallen Victim To Wrongful Assumptions" by Mark Mobius, www.businessinsider.com. April 11, 2013.

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