Seth Klarman Quotes About Waiting
-
In a world in which most investors appear interested in figuring out how to make money every second and chase the idea du jour, there's also something validating about the message that it's okay to do nothing and wait for opportunities to present themselves or to pay off. That's lonely and contrary a lot of the time, but reminding yourself that that's what it takes is quite helpful.
→ -
As Graham, Dodd and Buffett have all said, you should always remember that you don't have to swing at every pitch. You can wait for opportunities that fit your criteria and if you don't find them, patiently wait. Deciding not to panic is still a decision.
→ -
Value investing is simple to understand but difficult to implement. Value investors are not supersophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience, and judgment. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgment to know when it is time to swing.
→ -
Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.
→
Related Authors
-
Walter Schloss Investor -
Bill Ackman Hedge fund manager -
Charlie Munger Business person -
David Einhorn Hedge fund manager -
Daniel S. Loeb Manager -
-
Carl Icahn Businessman -
David Tepper Manager -
James Chanos Manager -
Warren Buffett Investor -
Mohnish Pabrai Investor -
Jeremy Grantham Investor -
Peter Lynch Businessman -
-
Ray Dalio Businessman -
John Paulson Manager -
Joel Greenblatt Manager -
Bruce Greenwald Professor -
Whitney Tilson Author -
Benjamin Graham Investor