I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline
Seth KlarmanIt turns out that value investing is something that is in your blood. There are people who just don't have the patience and discipline to do it, and there are people who do. So it leads me to think it's genetic.
Seth KlarmanRatings agencies are highly conflicted, unimaginative dupes. They are blissfully unaware of adverse selection and moral hazard. Investors should never trust them.
Seth Klarman