A margin of safety is achieved when securities are purchased at prices sufficiently below underlying value to allow for human error, bad luck, or extreme volatility in a complex, unpredictable and rapidly changing world.

I find value investing to be a stimulating, intellectually challenging, ever changing, and financially rewarding discipline

Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.

If only one word is to be used to describe what Baupost does, that word should be: 'Mispricing'. We look for mispricing due to over-reaction.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

We work really hard never to get confused with what we know from what we think or hope or wish.

The way to maximize outcome is to focus on the process.