Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.
Seth KlarmanThere are only a few things investors can do to counteract risk: diversify adequately, hedge when appropriate, and invest with a margin of safety. It is a precisely because we do not and cannot know all the risks of an investment that we strive to invest at a discount. The bargain element helps to provide a cushion for when things go wrong.
Seth KlarmanI find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth KlarmanBe sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.
Seth Klarman