In addition to giving rise to profit potential, buying when price is below value is a key element in limiting risk. Neither paying up for high growth nor participating in a “hot” momentum market can do the same.”
- Howard Marks
In addition to giving rise to profit potential, buying when price is below value is a key element in limiting risk. Neither paying up for high growth nor participating in a “hot” momentum market can do the same.”
- Howard Marks
Growth stocks are very volatile and tend to lose a lot of value in downturns. This gives them a large speculative component because while large amounts of money can be made by buying and selling at the right time, this is hard to do. Holding on too long will result in poor returns."
- Benjamin Graham
It (Value investing) is conservative, it is fundamental. And not speculative. And low and behold because you’re not doing what everybody else is doing in Bay Street, in Wall Street, you have a very good chance for success.”
- Charles Brandes
The beauty of value investing is its logical simplicity. It is based on two principles: What’s it worth (intrinsic value), and don’t lose money (margin of safety)."
- Christopher Browne
Defensive investing, insistence on value, and shying away from leverage – they’re all important. And much of the reason they’re important stems from the fact that so little of short-term performance is under our control.”
– Howard Marks
We believe that the tortoise beats the hare. A focus on the long run leads to better investment decisions than a reaction to short-term movements. Rational, incremental, proactive execution beats emotional, reactive trading.”
- Kim Shannon, The Value Proposition
Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.
- Warren Buffett
It sounds kind of crazy, but in times of turmoil in the market, I’ve felt a sort of serenity in knowing that I’ve checked and re-checked my work, one plus one still equals two regardless of where a stock trades right after I buy it.
– Seth Klarman
Volatility is a symptom that people have no idea of the underlying value--that they have stopped playing the asset game.
- Jeremy Grantham
Psychology is probably the most important factor in the market – and the one that is least understood.
– David Dreman