Graham's wonderful sentence as, an investor needs only two things: cash and courage. Having only one of them is not enough.
Seth KlarmanIf you can remember that stocks aren't pieces of paper that gyrate all the time --they are fractional interests in businesses -- it all makes sense.
Seth KlarmanBe indifferent if you lose your short term clients, remember they are your own worst enemy
Seth KlarmanPressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.
Seth Klarman