Always remembering that we might be wrong, we must contemplate alternatives, concoct hedges, and search vigilantly for validation of our assessments. We always sell when a security's price begins to reflect full value, because we are never sure that our thesis will be precisely correct.
Seth KlarmanIt is crucial in a sound investment process to search a mile wide than a mile deep with they find something - also.. never stop digging for information.
Seth KlarmanBe sure that you are well compensated for illiquidity - especially illiquidity without control - because it can create particularly high opportunity costs.
Seth Klarman